ATM President Vuyo Zungula.
The African Transformation Movement (ATM) has called for intensive legislative action, accountability and parliamentary oversight following the Constitutional Court ruling that cleared major local banks in the rand manipulation scandal.
The ConCourt on June 30 dismissed the appeal against these banks, citing a lack of sufficient evidence and flawed factual assumptions that they participated in an overarching conspiracy to manipulate the dollar-rand exchange rate.
This permanently clears Standard Bank, Nedbank, FirstRand bank and several other banks of the allegations that have hung over them since the case was first referred to the Competition Tribunal in 2017.
The ruling also dismissed the Commission’s attempt to revive its case against these banks while only allowing its appeal to proceed against JP Morgan Chase Bank N.A. and Standard Americas Incorporated.
