If guilty of collusion‚ currency traders must face full might of law‚ says DA

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If guilty of collusion‚ currency traders must face full might of law‚ says DA

TMG Digital | 2017-02-19 13:13:55.0

Maimane, leader of South Africa's main opposition party Democratic Alliance, speaks at the National Assembly in Cape Town

Mmusi Maimane, leader of South Africa’s main opposition party Democratic Alliance (DA). File photo.

Image by: Sumaya Hisham
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REUTERS

Should the currency traders accused by the Competition Commission of collusion and price fixing be found to have contravened the Competition Act‚ and should it be proven that they did so with the knowledge and consent of their financial institutions‚ they should face the full might of the law.

That’s according to the Democratic Alliance‚ which said on Sunday it supported all moves to crack down on abusive market conduct.

“The DA regards collusion in an extremely serious light‚ as it shortchanges and harms the consumer‚ and serves to perpetuate economic injustice‚” said DA spokesman on economic development Michael Cardo.

He said the Competition Tribunal would have to determine whether the absolute level of the rand was manipulated‚ and the exact nature and extent of the harm done to consumers.

Ultimately‚ it was the consumers for whom justice must be served.

“Against this backdrop‚ the DA rejects the populist bandwagoning of the ANC‚ Minister Mosebenzi Zwane and a whole assortment of captured Gupta-groupies‚ who are using the matter to drive their own personal crusade against the banks.

“The Competition Tribunal must be allowed to test the evidence and adjudicate accordingly‚ free from political interference‚” Cardo said.



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