"We deeply regret role in FX rigging" says Barclays Africa CEO on South African rigging scandal

Feb 24, 2017

Barclays was listed in currency rigging report by the Competition Commission.

The CEO of Barclays Africa, Maria Ramos last Thursday expressed deep regret for the involvement of the lender in the rigging of the local currency. "We deeply regret that this conduct took place within our organization, those who are found to have contravened our rules and conduct will in due course be held accountable" she said. Last week, South Africa's Competition Commission in a report disclosed that it had found more than a dozen local and foreign banks had colluded to coordinate trading in the rand and the U.S dollar using an instant chat room called ZAR Domination, a reference to the rand's official currency market code. The report which is an outcome of an investigation which started in April 2015 also recommended that the banks involved should pay fines amounting to 10 percent of the banks' South African revenues. Barclays Africa, a regional unit of Britain's Barclays Plc has been granted conditional immunity from prosecution in return for supplying information that would lead to the successful prosecution of the other cartel members.