A number of banks will face the Competition Tribunal after it emerged that their traders had worked together to alter the rand-dollar exchange rate.
FILE: The SACP's Jeremy Cronin. Picture: Taurai Maduna/Eyewitness News
Deputy Minister of Public Works Jeremy Cronin
Stephen Grootes | about 17 hours ago
CAPE TOWN - Deputy Public Works Minister and first deputy general secretary of the South African Communist Party Jeremy Cronin says it's hypocritical for people to first try to stop the Financial Intelligence Centre Amendment (Fica) Bill from becoming law and to then attack the banks for being involved in currency trading collusion.
Last week, the Competition Commission confirmed it was referring a series of banks to the Competition Tribunal after gathering evidence that their traders had worked together to alter the rand-dollar exchange rate.
That's led to the African National Congress Women's League and other organisations who have defended the Gupta family in the past to say the banks must be heavily punished.
Two of the banks involved are also part of a court application brought by Finance Minister Pravin Gordhan against the Gupta family.
Cronin says it's strange these people and groups are picking on the banks only now.
"It's ironic and opportunistic for those who are criticising the amendment to the Financial Intelligence Centre Amendment bill - those opposing it jumping on the band wagon of the collusion issue are being hypocritical, frankly."
