At least 28 banks have been implicated in Rand manipulation.
The secretary general of the African National Congress (ANC) has said heads must roll at several banks implicated in Rand manipulation. He called for the prosecution of individual executives involved in the saga.
“This act is nothing short of a crime against the South African people,” said Fikile Mbalula. The SG made the comments at a media briefing at the ANC’s headquarters in Johannesburg.
Last month, Standard Chartered reignited the debacle when the UK bank admitted to its role in manipulating the South African currency. According to the Competition Commission, 28 banks colluded to manipulate the rand between 2007 and 2013, in favour of the banks.
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Criminal charges
Mbalula said the party would support any criminal charges against implicated traders and banking institutes. He decried the actions of those who “wilfully compromised our economy for their gains”.
“The ANC reiterates its call for law enforcement agencies to act decisively and expeditiously in bringing criminal charges against those individuals and banking institutions implicated in manipulating the rand.”
The party’s top honcho believed a settlement offer was not enough to put the matter to bed. “We maintain that the R43 million settlement offer proposed by Standard Chartered pales in comparison to the damage wrought upon our economy.
He further stated a report from the Economic Transformation Sub-Committee regarding Rand manipulation would be presented at an upcoming meeting of the National Executive Committee (NEC).
The SG’s comments come as the ruling party defends its own corruption-tainted image ahead of the 2024 elections. A number of senior leaders, including a former president, have been accused of corruption on a grand scale. Efforts to root out corruption from its own ranks, or even prosecute those swimming in allegations, have been painfully slow.
