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Standard Chartered admits to rand manipulation, will pay fine of almost R43 million

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Noluthando Mthonti-Mlambo speaks to the Head of Cartels at the Competition Commission, Makgale Mohlala about their settlement with Standard Chartered which admitted its role in fixing bid, offers aimed at manipulating the dollar-rand exchange rate and has agreed to pay an administrative penalty of R42.7 million for its role in helping to manipulate the rand. Standard Chartered was one of 28 local and international banks which stand accused of being part of an overarching foreign exchange rigging conspiracy.

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