Standard Bank appeal in Forex matter to be heard on Wednesday


CAPE TOWN, April 25 – The Competition Commission on Tuesday, said that the Competition Appeal Court (CAC) will hear Standard Bank’s appeal on the Forex matter.

Standard Bank is appealing a Tribunal decision that it [the bank] is not yet entitled to access the Commission’s investigation record into the so-called Forex case.

The case will be heard at the CAC in Cape Town on Wednesday and the Commission’s legal team will be led by Advocate Tembeka Ngcukaitobi.

Eighteen banks are accused of involvement in global price fixing and market division involving currency trading, including the South African rand in the Forex case.

The Commission said that exception hearings are set to be heard before the Tribunal in several weeks’ time. The banks still have to file answering affidavits, in response to the Commission’s founding affidavit. The case itself will get under way after pleadings and discovery.

Standard Bank approached the Tribunal in September last year, in an effort to compel the Commission to hand over its investigation record. The bank brought the application in terms of Rule 15 of the Commission’s Rules of Procedure, which allows any person access to the record of investigation.

But the Commission argued that the bank was a litigant in the matter and therefore not yet entitled to the document. The Commission said Standard Bank would have access to the document at discovery, which takes place during the pre-trial period after close of pleadings.

The Commission also argued that Rule 15 cannot be used by litigants to secure the Commission’s record of investigation.

In handing down its decision in November, the Tribunal said that the bank was not yet entitled to the record and that it would have access to the document in reasonable time at discovery. The Tribunal said a person could seek to obtain the record earlier, if it provided a good reason for this. The bank did not do so.