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Multinational Standard Chartered Bank admits liability in currency manipulation case [SOUND]

# The Competition Commission of South Africa has reached a settlement agreement with UK-based multinational bank, Standard Chartered. In terms of the settlement agreement, the bank admitted liability in the manipulation of the US dollar and South African rand currency pair for the period covering 2007 to 2013.  The bank also agreed to pay an administrative penalty of 42.7-million-rand. The commission’s spokesperson, Siyabulela Makunga says the bank also participated in dividing of markets and allocation of customers: