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South African watchdog ends talks with banks over forex probe
August 30, 2017 / 9:11 AM / in 3 months

South African watchdog ends talks with banks over forex probe

JOHANNESBURG, Aug 30 (Reuters) - South Africa’s competition watchdog said on Wednesday it will no longer hold talks with banks offering to cooperate in an investigation into alleged collusion in foreign exchange trading.

The Competition Commission said in February it had found more than a dozen local and foreign banks colluded to coordinate trading in the South African and U.S. currencies.

“Some banks have approached us discreetly to discuss a settlement. We are no longer interested in those discussions,” Commissioner Tembinkosi Bonakele told reporters. (Reporting by Tiisetso Motsoeneng; Writing by Joe Brock; Editing by Louise Heavens)

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