Nedbank Denies Involvement in Rand Manipulation Case

During a hearing at the Constitutional Court in Johannesburg, Nedbank’s legal representative, Senior Counsel Anthony Gotz, refuted the Competition Commission’s claims connecting the bank to the manipulation of the rand through a Bloomberg chatroom. Gotz argued that the bank is merely implicated based on similarities with a Reuters trading platform and that the sporadic quotes posted on the platform do not constitute collusion. The commission has yet to provide evidence of direct involvement by Nedbank in any chatrooms or communication with other respondents. The case continues as the Competition Commission seeks to address alleged price-fixing by banks.