Banks guilty of collusion getting an easy reprieve: Economist
Some economists say the decision by the Competition Commission to reach agreement with two of the seventeen banks implicated in the currency price fixing scandal - is questionable.
The Competition Commission has granted ABSA conditional immunity from prosecution - in return for its continuing cooperation in the probe.
Earlier this week - the commission also reached a settlement with Citibank, which will pay an administrative penalty of R69.5-million.
Chief Economist at the Efficient Group, Dawie Roodt says all parties found guilty of collusion should be prosecuted.
"Exactly what I thought would be happening is happening. There's some sort of settlement; banks won't be charged, no one will be found guilty, there won't be real fines - there will be some form of settlement, and the problem will go away," he said.
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Roodt says that the outcome is unfortunate.
"If someone has done something wrong, they must be charged in a court of law. And a judge must decide if they're guilty or not," he said.