S Africa fines StanChart for currency manipulation

JOHANNESBURG, Nov 15: South Africa's competition watchdog said on Wednesday it has reached a settlement agreement with British bank Standard Chartered over accusations it colluded with other lenders to manipulate the rand.

The Competition Commission said Standard Chartered (SCB) admitted liability in the case and agreed to pay a fine of almost 43 million rand ($2.3 million).

"The Commission welcomes SCB's decision to reach a settlement on this matter and encourages other respondent banks to consider settling the complaint against them," said Commissioner Doris Tshepe.
SCB is one of 28 banks that the watchdog has accused of involvement in a scheme to manipulate the rand-US dollar exchange rate between 2007 and 2013.    —AFP