News / National
Rand manipulators must be held accountable by Parliament
28 Aug 2024 at 14:33hrs | Views
African Transformation Movement (ATM) leader Vuyo Zungula has called for those responsible for the rand manipulation to face the wrath of the law.
It is alleged that more than 28 banks conspired to fix the value of the South African rand more than a decade ago.
The Competition Commission held hearings in November 2023 into the rand manipulation saga.
In February, the commission said the fight over the manipulation of the rand was headed to the Constitutional Court after it appealed the judgment of the Competition Appeal Court.
On Monday, Zungula announced that his party has formally requested Parliament to establish a commission of inquiry to further investigate the ongoing scandal.
In a letter dated August 26, Zungula specifically called for Speaker Thoko Didiza's intervention through a draft resolution to address the alleged manipulation of the rand by financial institutions.
"The ATM hereby submits a draft resolution by Rule 119 of the National Assembly Rules which allows members to propose a topic of discussion to be considered by the House.
"The House notes the recent dismissal of the Competition Commission's case against the majority of implicated banks raises significant concerns about potential rand manipulation involving both national and international banks.
"The House further notes that the Competition Commission's investigation, known as the 'Forex Cartel' case, has been ongoing for eight years, yet the Competition Appeals Court recently dismissed the case against all but four banks, citing jurisdictional issues and perceived overreach," he wrote.
He added that the House acknowledged that the developments necessitated a thorough parliamentary inquiry to uncover the full extent of the allegations and their implications for the South African economy and public confidence in our financial systems.
Zungula said ATM resolved to investigate allegations of rand manipulation thoroughly, assessing the validity and scope of these allegations and determining the involvement of both local and international banks.
It is alleged that more than 28 banks conspired to fix the value of the South African rand more than a decade ago.
The Competition Commission held hearings in November 2023 into the rand manipulation saga.
In February, the commission said the fight over the manipulation of the rand was headed to the Constitutional Court after it appealed the judgment of the Competition Appeal Court.
On Monday, Zungula announced that his party has formally requested Parliament to establish a commission of inquiry to further investigate the ongoing scandal.
"The ATM hereby submits a draft resolution by Rule 119 of the National Assembly Rules which allows members to propose a topic of discussion to be considered by the House.
"The House notes the recent dismissal of the Competition Commission's case against the majority of implicated banks raises significant concerns about potential rand manipulation involving both national and international banks.
"The House further notes that the Competition Commission's investigation, known as the 'Forex Cartel' case, has been ongoing for eight years, yet the Competition Appeals Court recently dismissed the case against all but four banks, citing jurisdictional issues and perceived overreach," he wrote.
He added that the House acknowledged that the developments necessitated a thorough parliamentary inquiry to uncover the full extent of the allegations and their implications for the South African economy and public confidence in our financial systems.
Zungula said ATM resolved to investigate allegations of rand manipulation thoroughly, assessing the validity and scope of these allegations and determining the involvement of both local and international banks.
Source - iol
