JOHANNESBERG, July 1 – South Africa’s Constitutional Court has ruled that competition authorities can move ahead with a long running case accusing several international and local banks of colluding to manipulate the country’s currency market.
The decision allows the Competition Commission to continue its foreign exchange rigging case against BNP Paribas, JPMorgan Chase & Co, JPMorgan Chase Bank N.A., Investec, Standard Americas Incorporated and HSBC Bank Plc. The matter will now return to the Competition Tribunal for a full hearing on the allegations for the first time since proceedings began nearly a decade ago.
In a judgment delivered by Justice Owen Rogers, the country’s highest court confirmed that the claims against the six banks can proceed. JPMorgan, BNP Paribas and HSBC declined to comment, while Investec and Standard Americas did not immediately respond to requests for comment.
The Competition Commission alleges that the banks worked together to manipulate the value of the South African rand more than ten years ago.
Several other lenders named in the wider case have already reached settlements or received leniency. In 2023, Standard Chartered admitted to prohibited conduct and agreed to pay more than 42 million rand (about $2.6 million).
However, the Commission was unsuccessful in its attempt to revive claims against a separate group of banks, including Bank of America, Standard Bank, Nomura, Commerzbank, Nedbank, FirstRand and Credit Suisse Securities (USA) LLC.
Tuesday’s ruling keeps one of South Africa’s biggest market manipulation cases alive and clears the way for the Competition Tribunal to examine the allegations on their merits after years of legal challenges.
