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Standard Chartered pleads guilty to currency manipulation

PUBLISHED: Fri, 08 Feb 2019 10:34:22 GMT

London-based Standard Chartered Bank has hit headlines this week after pleading guilty to currency manipulation which included the South African Rand, between 2007 and 2013. South Africa’s Competition Commission has acknowledged the agreement made between Standard Chartered Bank and the New York State Department of Financial Services .However they will consider the order of affairs as it relates to the forex litigation with other banks in South Africa. Sipho Ngwema, Head of Communications at the Competition Commission of South Africa joins CNBC Africa for more.


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