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Rand Rigging Heads to ConCourt: Banks and Watchdog Brace for High Stakes Clash

Published

3 weeks ago

August 13, 2025

Chiraag

rand rigging case Constitutional Court hearing, Competition Commission South Africa, FirstRand legal defence, Standard Bank court battle, Nedbank rand allegations, Joburg ETC

Nearly a decade after the Competition Commission first accused major banks of colluding to manipulate the rand, the legal battle now reaches South Africa’s highest court. The Constitutional Court is set to hear arguments next week in a case that could redefine accountability in the financial sector.

Standard Bank, FirstRand, and Nedbank, all accused of involvement in the alleged currency manipulation, continue to deny wrongdoing. The Competition Commission, however, remains determined to pursue the case despite earlier setbacks.

How We Got Here

The saga began when the Commission accused 28 local and international banks of operating a cartel to influence the rand’s value. Key evidence includes 158 chat messages spanning seven years, which the watchdog claims reveal coordinated trading strategies.

In January 2024, the Competition Appeal Court dismissed the case against South African banks, leaving only a few international institutions under scrutiny. The ruling was a significant blow to the Commission, but it has since escalated the matter to the Constitutional Court.

What’s at Stake for the Banks

For the implicated banks, the case has already carried heavy reputational and financial costs. Standard Bank and FirstRand will argue before the ConCourt that the Commission’s case lacks concrete evidence. Legal representatives have dismissed the chat logs as insufficient proof of a conspiracy, according to Business Day reporter Kabelo Khumalo.

Khumalo, speaking on The Money Show, noted that the banks’ legal teams have aggressively challenged the allegations, describing the Commission’s arguments as speculative.

Public Backlash and Political Pressure

Over the years, the rand rigging scandal has sparked outrage among politicians and the public. The EFF and some ANC MPs have called for stricter banking regulations, while economists warn that prolonged litigation could unsettle markets. Johannesburg’s financial community remains divided, with some demanding harsh penalties and others cautioning against regulatory overreach.

Why This Case Matters

The Constitutional Court’s ruling could set a precedent for how South Africa handles complex financial misconduct. A win for the Commission may empower it to pursue similar cases more aggressively, while a loss could weaken its ability to regulate high-level market manipulation.

For ordinary South Africans, the outcome could influence trust in the banking sector and even impact exchange rates, affecting everything from import prices to overseas travel costs.