Banks unlikely to be found guilty of collusion: Economist
An economist says the chances of 17 banks being found guilty of collusion in a rand-rigging probe - are slim.
Dawie Roodt's been speaking to Newswatch following media reports this morning that Citigroup and Barclays - which owns ABSA - might not be targeted for fines - because they co-operated with regulators.
"There's so much checks and balances that I would really be surprised if any of South Africa's banks will ever be found guilty of anything," he said.
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President Jacob Zuma yesterday commented on the Competition Commission's decision to refer 17 banks for colluding to manipulate the value of the rand - to the tribunal.
Speaking in the National Assembly he said government's prepared to act against market abuse & price fixing - in order to protect the economy.
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Roodt explains what would happen if the banks are found guilty.
"If anyone is going to be found guilty of something, it's clearly some small player somewhere. So I think this is pretty much a storm in a teacup, and nothing really is going to happen - and this whole thing is going to blow over," he said.