THE Economic Freedom Fighters (EFF) wants banks that admitted guilt to the charges of currency manipulation to have their licences revoked.
The party further called for the directors and staff members who were involved in the crime to be prosecuted, and have their assets seized.
“Currency manipulation has severe implications for exports and imports, and the valuation of the nation’s economy. As a result, it's the consumers who suffer the consequences of prices that are manipulated, as many of the products in South African shops are imported,” said EFF spokesman Sinawo Thambo.
The United Kingdom based Standard Chartered Bank admitted guilt to the charges of currency manipulation in Mzansi back in 2019.
The bank reached an agreement with the Competition Commission and paid a penalty of R42,7 million.
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The commission confirmed in a statement on Wednesday, 15 November that Standard Chartered had taken a decision to reach a settlement on the matter and encouraged other respondent banks to consider settling the complaint against them.
Competition Commissioner Doris Tshepe said:
Thambo called on the commission to fast-track the cases of the remaining banks that participated in this corrupt scheme that was designed to profit from the suffering of our people.
He claimed that the matter has been downplayed in the media.
He said the EFF was concerned that the commission made its initial findings in 2017, but no one has been prosecuted and sent to jail.
Thambo said: “The failure to deal with currency manipulation, however, is just a symptom of a banking sector that's a law unto itself. The South African Reserve Bank has failed to oversee the banking sector because of friendship based nepotism, which has led to the revolving door of staff members between the banks, the National Treasury, and the Reserve Bank,”
