6 February 2019

The South African Communist Party calls for stern action against the British multinational bank, Standard Chartered, for its involvement in the corruption of manipulating the South African rand. Standard Chartered had no option but to plead guilty, in New York, the United States, for currency manipulation including the manipulation of the South African rand between 2007 and 2013. A consent agreement between Standard Chartered and the New York State Department of Financial Services on the plea was subsequently converted into a court order. The SACP calls for maximum penalties and for the strengthening of legislation and regulation to deal more decisively with the corruption.  

Western imperialist forces, supported by the Citizen newspaper in its pro-imperialist, anti-ANC and anti-Communist editorial of Wednesday, 6 February 2019, cannot be allowed to undermine South Africa’s national sovereignty claiming to be concerned about corruption while, on the contrary, it is a fact that the forces of corruption in South Africa significantly comprise Western multinational corporations. 

In February 2017 for instance the South African Competition Commission referred a prosecution case on the corruption of the manipulation of the rand to the Competition Tribunal against the 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, ABSA Bank Limited (ABSA), Barclays Capital Inc, Barclays Bank plc. 

The plea by Standard Chartered for involvement in the corruption should be used as part of the evidence at the Tribunal. 

 ISSUED BY THE SOUTH AFRICAN COMMUNIST PARTY | SACP