The commission have described the order by Investec as being novel and they have also called it unprecedented as well. They have stated that they are optimistic about opposing it and they believe that they will be very successful in doing so as well. It is important to know that knives have been sharpened in the battle before and the two sides have been known for throwing harsh words at once another. They have been doing this against the currency bank traders and this is a very tense situation to say the least. It should be noted that it was actually Investec who fired the first shot when they asked Competition Tribunal to see if they could provide a declaratory order. They want to try and see if they can render the commission’s conduct as they are investing 23 banks and they have all been accused of forex-rigging. People believe that the accusations are unreasonable and that they are also vexatious as well. There has been a brand new twist however and Watchdog ahs even come out to say that if the order is granted then it is safe to say that it would have extreme consequences to say the least. If the commissions decision is taken too lightly just because of the fears of sanction then this could cause a lot of delays and it could mean that there are even more delays from frustrated correspondents. This would really have a huge effect on how the commission chooses to prosecute in this matter and even in the matters that may arise in the future as well. They have also released an affidavit as well and this dates all the way back to the 24th of August. It is important to know that the affidavit is in fact in line with the agreement that happened between the commission and even with Investec as well. This happened on the 3rd of August. They were able to submit their arguments regarding the rigging case and they were first referred to in February. The panel is being lead by Normal Manoim and they have yet to make a decision on the request that has been submitted by Investec. Avrom Krengel is an advocate for Investec and he ahs come out to say that the bank have all been prejudiced in the last year and a half. He has also come out to say that they have incurred a ton of fees since and they have even had to miss their own deadline when it comes to submitting affidavits as well. This will actually detail any specific incidents where they happened to enter agreements with any other traders to purposely manipulate the pair of the rand and the dollar.
It is important to know that the commission have found that from September, the banks have entered into an unlawful agreement and they have also tried to rig trades with the pair as well. This is estimated by the commission and it is also said that they have a turnover every single day of $51 billion as well. Around 36 individuals have been tied to 23 banks and they have all been using the Reuters platform and even the Bloomberg messaging system. They have also been using a telephone conversation line and this was all done so that they could carry out their own trading activities. Of course, it is important to know how all of this worked so that they could post fake bids on the pair and that this is all going to be offered by customers who want to purchase either the dollar or the rand. This is going to be done so that it can boost the price of bids and even any offers of direct profit as well. Investec the company have even said that they have come up with an overarching agreement. They believe that the commission is trying to rely on the vague value that it has to offer, and even that it doesn’t detail how the whole thing came into existence. It doesn’t even say how it was entered into and which bank happened to create the fake bids. They also said that the commission have changed their tune on the request and that this is all going to be done on separate hearings. They also withdrew their affidavit regarding the case at the last minute but this did happen in November 2017. The commission has flipped and it has also accepted broken undertakings. They have knowingly instituted hopeless applications and they have also delayed the resolution of the exceptions for well over a year now. The conduct is going to warrant a cost order against the litigant and this comes from Krengel. The commission has gone and asked the tribunal condonation and they have also asked for some support when it comes to submitting the affidavits in question. If the commission happens to be pardoned then Investec have the right to request that their declaratory order is granted. When you look at the earlier affidavit you will soon see that Investec have come out to say that the order will actually have a disciplining effect for the commission. They have also come out to say that granting a declarator will also send out a message to the public. This will act as a reminder that if the commission continues to act this way then they will most certainly be sanctioned for it. To make things even more interesting, the commission are gunning for the banks to settle with them in its case and they have also paid an administrative penalty of quite a lot of money. The commission believe that the prospect of success in the opposing order is going to be described as unprecedented. Investec’s own request is that the whole thing is not going good to say the least. At the end of the day, at the end of the whole thing the tribunal will be in a position where they can decide. It is their job to try and decide whether the commission conduct is going to be classed as being vexatious. This is especially the case when you look at the ordinary legal sense. The commission have stated that the correct text is not whether they have incurred wasted costs but whether they have prosecuted the referral of the bank without any grounds. Some have even come out to say that the whole thing is being done so that they can annoy Investec but only time will tell if this is, or whether it ever has been the case.