Investec throws jab in forex case fight

Investec accuses the Competition Commission of delays, flip-flopping and flouting procedures

31 July 2018 - 05:10 HANNA ZIADY

Hearings in the case, first referred to the tribunal in February 2017, started on Monday with banks arguing technical issues. Picture: REUTERS

Investec wants the Competition Commission’s conduct declared "vexatious and unreasonable" by the Competition Tribunal in the forex case against currency traders, accusing it of repeated delays, flip-flopping on issues and flouting procedures.

Hearings in the case, first referred to the tribunal in February 2017, started on Monday with banks arguing technical issues, such as whether the commission had jurisdiction over foreign entities. Investec’s application is adding another twist to what is shaping up to be a protracted legal battle between the commission and banks.
The commission referred a collusion case to the tribunal for prosecution against 23 banks, among them Bank of America Merrill Lynch International, BNP Paribas, JPMorgan Chase, Investec, Standard New York Securities, HSBC, Standard Chartered, Credit Suisse, Standard Bank of SA, Australia and New Zealand Banking Group, Nomura International, Macquarie, Absa and Barclays.
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