‘Those responsible for manipulation of rand must be brought to book’

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Minister in the Presidency, Khumbudzo Ntshaveni says those responsible for the manipulation of the rand will be brought to book. Ntshaveni addressed journalists following a briefing on the cabinet meetings outcomes for meetings held on the 9th and 16th of November.

She says that the manipulation of the currency between 2007 and 2013 forms part of efforts by the private sector to collapse the government.

Last week, UK-based Standard Chartered Bank reached a settlement with the Competition Commission for colluding with 27 other banks in this regard and agreed to pay around a R43-million fine to resolve the case.

The commission is also investigating a number of other local and international banks such as Absa, Standard Bank, Nedbank, Barclays and Bank of America.

“Standard Chartered has agreed to testify against the other banks so the follow-up question that you have said is ‘what is the role of Absa and other banks?’ It is not only one bank. It’s other banks. At least now, we have Standard and Chartered to be witnesses in the prosecution so that we can have recourse. People cannot be left untouched because they want to collapse this country there must be consequences and there will be consequences,” Ntshaveni explains.

Video: Minister Khumbudzo Ntshavheni briefs media on Cabinet Meeting Outcomes