News

Fine is NOT enough for #BankCollusion

Date: Feb 17, 2017

Former CEO of the South African Chamber of Business Kevin Wakeford Fine is NOT enough for #BankCollusion, there must be prosecution.

The predictions of the collapse of the Rand started way back in early 2002. Kevin Wakeford was asked to resign from his job as the CEO of the South African Chamber of Business, Sacob, after exposing the possibilities of the plummeting of the rand. In 2011 the rand plunged from R7.60 to R13.84 to the US dollar
 

This week, the Competition Commission referred a collusion case to the Tribunal for prosecution 17 banks including three local banks, Absa, Investec for their role in the alleged price-fixing.
 

Speaking to Bongi Gwala on #AmLive Wakeford says a fine is NOT enough, there must be prosecution.
 

He says South Africa is in desperate need of more banks, adding that if there were more banks there would be transparency, more regulation and probably less collusion.

 

LISTEN TO FULL interview 

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