Black First Land First (BLF) has the same opinion with the Competition Tribunal-every case must be handled with its own merits. The case against the 18 banks seems to be powerful and the proof in regards is quite overwhelming. It is identified that although Citibank and Barclays Africa has admitted the fault and have agreed to guide the Competition Commission in order to impeach the other offending banks in return of indemnity against prosecution, such collaboration is most likely to sum-up lip service and hence result in endorsement of impunity on behalf of said banks. These banks must, therefore, be prosecuted to the massive extent of the law with suitable sanctions upon confidence to make sure that those wronged shall get the obligatory relief including reparations.
List of 18 Banks Charged Against Corruption
BLF charged 18 banks such as Barclays Bank plc, Barclays Capital Inc, ABSA Bank Limited, Citibank N.A, HSBC Bank plc, Macquarie Bank Limited, Commerzbank AG, Credit Suisse Group, Standard Chartered Bank, Nomura International plc, Standard Bank of South Africa Limited, Investec Limited, Standard Securities New York Inc, Australia and New Zealand Banking Group Limited, JP Morgan Chase Bank N.A, JP Morgan Chase & Co, BNP Paribas and Bank of America Merrill Lynch International Limited. These banks are said to be highly responsible for various offenses like fraud, theft, corruption, collusion and money laundering related to price fixing and market division. In regards to the legalization and support of the allegations included in the charges against each of the banks, BLF submitted a statement through the president Andile Mngxitama to the police.
Committed Criminal Activities Identified In 18 Banks
It must be noted that the Competition Commission has previously found the 18 banks to be involved in criminal activities and recommended that each bank has to pay maximum fine amount quoted by Competition Act that is 10% of yearly turnover for the previous year of any wrongdoing. In the meantime, BLF has insisted the Competition Commission regarding amending the legislation with a view of increasing the maximum fine to 100% of turnover for every year of wrongdoing. BLF may pursue this issue to its finality.
Bank’s Role In Stealing Wealth Of Poor People
The offending banks have said to be involved in the above criminal offenses from the year 2007 to 2015. They continue to serve with impunity. The actions of these banks successfully lead towards stealing the amount from the poor and these acts by them has also unfavorably impacted the entire economy. They are also discussing how the act of maneuvering the currency during December 2015, in order to force President Zuma to appoint Gordhan as finance minister, has cost the nation over Rand 500 billion in two days. BLF will continue to show and take direct action against the entire corruption that the white owned media has triggered over in this respect.
BLF reiterates its call on ABSA in order to coordinate with the police-just as it did with the Commission- and hence assist in bringing all perpetrators to book. ABSA must tell the truth regarding the corruption which it has been complicit in.