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South African bank notes.
South African banks accused of rand manipulation are set to present their case to the Constitutional Court on Tuesday.
They plan to outline the financial and reputational damage caused by the Competition Commission’s allegations of being part of a “banking cartel”.
In January last year, the Competition Appeal Court reviewed the matter against 28 banks, dismissing the case against most of them.
Despite the Competition Appeal Court’s dismissing most of the claims, the case is now being taken to the Constitutional Court.
The institutions approaching the court include FirstRand and Standard Bank, among others.
Their legal teams will spend the next four days arguing that some of the evidence presented, including conversations spanning over seven years, is too weak to substantiate a single, overarching conspiracy.
Rand Manipulation | Pressure on govt to act on fingered banks: