Competition Commission's Tembinkosi Bonakele gives update on banks collusion case

The Competition Commission of South Africa is actively pursuing cases of alleged price-fixing by South African banks and anti-competitive behavior by Aspen Pharmacare. At the release of the Commission's market inquiry report, Competition Commissioner Tembinkosi Bonakele provided an update on the progress of these investigations. Regarding the alleged price-fixing by South African banks, Bonakele noted that the case is moving forward smoothly. Citibank has recently settled with the Commission, while the other banks involved have yet to file a response. Interestingly, some foreign banks implicated in the case are trying to argue that the alleged activities took place outside of South Africa and therefore the Commission lacks jurisdiction. This jurisdictional issue is currently being addressed before further progress can be made. As for the alleged anti-competitive behavior by Aspen Pharmacare, the Commission has received information from various stakeholders, including the DA from Parliament, concerning reports of misconduct by the company in the UK. While a full-scale investigation has not been launched yet, the Commission is conducting a preliminary probe to determine the need for further action. These cases highlight the Commission's commitment to ensuring fair competition in the South African market and holding companies accountable for their actions.