HR Pulse

Profile

Layout

Direction

Menu Style

Cpanel
Home Archive of News Citibank files settlement agreement

Archive of News

Citibank files settlement agreement

Furthermore, the Commission found that Citibank N.A. and its competitors manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.

“Citibank N.A. will pay an administrative penalty of R69 500 860. This figure does not exceed 10% of Citibank N.A.’s annual turnover in the Republic of South Africa. Citibank N.A. undertook to cooperate with the Commission and avail witnesses to assist the prosecution of the other banks that colluded in this matter,” the Competition Commission said.

On 15 February 2017, the Competition Commission referred a collusion case to the Competition Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa Ltd, Commerzbank AG; Australia and New Zealand Banking Group Limited, Nomura International Plc., Macquarie Bank Limited, Citibank N.A., ABSA Bank Limited (ABSA), Barclays Capital Inc, Barclays Bank plc (Respondents).

“This settlement was done to encourage speedy settlement and full disclosure to strengthen the evidence for prosecution of the other banks,” said Commissioner Tembinkosi Bonakele.

Source: SAnews.gov.za



BLOG COMMENTS POWERED BY DISQUS