Those found guilty by Competition Tribunal must face full might of the law

The DA notes the release by the Competition Tribunal of the Competition Commission’s affidavit against 17 banks, some of whose currency traders are accused of collusion and price fixing.

Should these traders be found to have contravened the Competition Act, and should it be proven that they did so with the knowledge and consent of their financial institutions, they should face the full might of the law.

The DA regards collusion in an extremely serious light, as it shortchanges and harms the consumer, and serves to perpetuate economic injustice. We support all moves to crack down on abusive market conduct.

The Competition Tribunal will have to determine whether the absolute level of the Rand was manipulated, and the exact nature and extent of the harm done to consumers.

Ultimately, it is the consumers for whom justice must be served.

Against this backdrop, the DA rejects the populist bandwagoning of the ANC, Minister Mosebenzi Zwane and a whole assortment of captured Gupta-groupies, who are using the matter to drive their own personal crusade against the banks.

The Competition Tribunal must be allowed to test the evidence and adjudicate accordingly, free from political interference.

Statement issued by Michael Cardo MP, DA Shadow Minister of Economic Development, 19 February 2017