Published On: Tue, Feb 21st, 2017

South African rand rigging scandal: Citibank agrees to $5.3m settlement

One of the banks implicated in the recent scandal surrounding the South African currency, the rand; has agreed to pay an administrative penalty for their part in the forex trading scandal.

The News24 portal reports that the Competition Commission announced a settlement of 69.5 million rand (approximately $5.3m) with Citibank on Monday, one of 17 implicated banks.

“This figure does not exceed 10% of Citibank NA’s annual turnover in the Republic of South Africa. Citibank NA undertook to cooperate with the Commission and avail witnesses to assist the prosecution of the other banks that colluded in this matter.” >>Africa News