Black First Land First (BLF) will open a criminal case against the 17 banks found guilty of corruption by the competition commission on Saturday.
The Competition Commission earlier this year referred a “collusion” case to the Competition Tribunal for prosecution following the completion of an investigation into price fixing and market allocation by 17 banks, including three South African banks.
The Commission said it found that from at least 2007, the banks had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar/Rand currency pair. The South African banks are Absa, Standard Bank and Investec.
“These banks are involved in corruption involving billions of rands,” BLF said in a statement early on Saturday morning.
“BLF will submit a sworn affidavit with evidence of corruption and shall name all implicated banks at the Hillbrow Police Station on Saturday 29 July at 12:00pm.”