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Outrage Mounts: Public Demands Accountability from British Bank Standard Chartered



standard chartered

Public Interest SA is expressing dissatisfaction with the settlement agreement between the Competition Commission and UK bank Standard Chartered. The bank, implicated in manipulating the Rand-US dollar exchange rate between 2007 and 2013, admitted to fixing bids, offers, bid-offer spreads, and more, according to EWN.

Also read: Standard Bank Expects Profit Jump Amid Higher Interest Rates

The Competition Commission announced an administrative penalty of R42.7 million, a decision Public Interest SA finds underwhelming. The non-profit organisation raises concerns about the severity of Standard Chartered’s conduct, calling for more robust consequences, including potential fines for executives in their capacities.

Public Interest SA views currency manipulation as insidious against emerging markets, urging more robust measures.\

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