Standard Bank’s Sim Tshabalala reacts to currency rigging allegations

Sim Tshabalala, Chief Executive Officer of South Africa’s Standard Bank Group has reacted to allegations that the group was involved in currency rigging.

A statement he issued to Reuters News Agency, Sim Tshabalala, said:

“We are unable to determine from that precisely what the infraction we are accused of”

He stressed that Standard Bank is in talks with antitrust authorities over allegations by the Competition Commission that it was involved in the rigging of rand currency trading.

Standard Bank is the parent company of Stanbic IBTC Bank Nigeria. In its full year 2016 result released yesterday, the bank’s full year profit fell while its asset also fell to ZAR1,95 trillion, representing a fall from ZAR1,98 trillion in 2015.

The bank owns a controlling stake in the South African listed insurance company, Liberty Holdings Limited, an Insurance Group which recently bought 71% stake in Unic Insurance PLC.

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