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Standard Bank Group’s CEO, Sim Tshabalala, has publicly refuted claims that the bank was involved in the 2017 Rand-US Dollar manipulation scandal. This statement comes amidst broader accusations of currency rigging by financial institutions, which have implicated several banks. Notably, earlier in November, Standard Chartered (OTC:) Bank acknowledged its involvement in market manipulation and settled with the Competition Commission for R42.7 million.
In a bid to clear its name, Standard Bank has emphasized its dedication to economic stability and integrity. The bank’s internal investigations, which scrutinized call logs and documents, reportedly revealed no evidence of misconduct by its traders. Tshabalala stressed the bank’s commitment to transparency with regulatory bodies concerning the scandal.
Moreover, Standard Bank has taken a stance against misinformation spread via social media and media outlets regarding its alleged participation in Rand manipulation. The bank has issued a statement to set the record straight, contrasting its position with that of Standard Chartered. In its defense, Standard Bank highlighted its ongoing efforts to foster a positive societal impact and support for inclusive growth policies in South Africa while maintaining respect for legal frameworks and constitutional duties.
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