South African Finance Minister Pravin Gordhan has also issued a stern warning to those dealing in corrupt activities. The Competition Commission found 17 banks, local and international, including JP Morgan Chase, Standard Bank, Barclays and Citi Bank, guilty of price manipulation. The regulator has recommended the banks in question be fined 10% of their annual turnover. Citi Bank is the first bank to have voluntarily agreed to pay a $5 million fine.
- South Africa