“March and March Was a Distraction”: Mzansi Reacts After SA Banks Cleared in Rand Manipulation Case

• The Constitutional Court dismissed most of the Competition Commission’s appeal in the rand manipulation case
• Standard Bank, FirstRand, and Nedbank are no longer facing prosecution over allegations
• Mzansi shared frustrations as proceedings against six international banking entities will continue before the Competition Tribunal

A TikTok video shared by Amani Dube discussing the latest judgment in South Africa’s rand manipulation case has prompted strong reactions on social media. The discussion followed the Constitutional Court’s ruling on the Competition Commission’s long-running case involving local and international banks on 30 June 2026.

The court’s decision means major South African banks, including Standard Bank, FirstRand and Nedbank, will not face prosecution in the matter. Proceedings against six international banking entities will continue before the Competition Tribunal.

The Competition Commission began pursuing the case after alleging that traders at local and international banks colluded to manipulate the US dollar-rand exchange rate. The allegations relate to trading activity that allegedly occurred between 2007 and 2013.

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Mzansi reacts after Constitutional Court ruling

The Constitutional Court dismissed the Competition Commission’s appeal against several local and international banks. The judgment means the Commission cannot pursue claims against major South African banks in this case.

The matter will continue against BNP Paribas, JPMorgan Chase & Co, JPMorgan Chase Bank N.A., Investec, Standard Americas Incorporated and HSBC Bank Plc. The allegations against these entities will be tested before the Competition Tribunal.

Following news of the judgment, South Africans shared their views on social media platforms. Some questioned the outcome of the lengthy legal process, while others discussed broader issues affecting the country.

Comments shared online included questions about whether previous public discussions around the case had been justified. Other users expressed frustration about the judgment and called for further accountability measures.

The rand manipulation case remains one of South Africa’s most significant competition law matters. Proceedings against the remaining international banking entities are expected to continue before the Competition Tribunal.

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Watch the video below:

More about the rand manipulation saga

• The nation was in an uproar and baying for the blood of the South African Reserve Bank and governor, Lesetja Kganyago.
• Former South African statesman Thabo Mbeki shared his opinion about the rand manipulation saga.
• The National Assembly’s acting Speaker, Solomon Tsenoli, denied the African Transformation Movement’s bid to debate the rand manipulation saga in Parliament.

Source: Briefly News