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Standard Chartered admits it manipulated the rand

Publish date: 11 February 2019
Issue Number: 810
Diary: IBA Legalbrief Africa
Category: Competition

Standard Chartered Bank has reached an agreement with the New York state department of financial services, admitting that it manipulated currencies, including the rand, notes Business Day. In a statement yesterday, SA's Competition Commission said it ‘noted’ the agreement and that it would consider the effect of the order on its ongoing investigation into currency manipulation by banks operating in SA. The banks being investigated include Standard Bank, Investec, Absa and JPMorgan Chase. In terms of the agreement reached in New York, which has subsequently become a court order, Standard Chartered will pay a fine of $40m (about R536m). It is also required to take remedial action including disciplinary procedures against employees guilty of the contraventions.

Full Business Day report