International Banks Targeted for Prosecution in South Africa

‘Republic of South Africa President Jacob Zuma has leveled sharp attacks on the financial industry inside the country accusing banks of treating the population unfairly.
During the course of his response to a debate surrounding the State of the Nation Address (February 8) to parliament in Cape Town on February 16, Zuma stressed his:
“Government is ready to act against market abuse, price fixing and collusion in the private sector in order to protect our country’s economy. This matter is still under investigation. The Competition Commission can impose fines on companies but the impact is far reaching as it distorts our economic system.”
These comments come amid a series of revelations related to currency fixing and the closing of accounts by those who have close ties with the African National Congress (ANC) dominated national government in Pretoria and Cape Town.’
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