The Rand Manipulation Scandal in South Africa

TIME STAMPS:

00:00 – Intro
03:34 – Businesstech
13:25 – Competition Commission
17:16 – Scope of Investigations
24:42 – SARB Problem
41:30 – Exclusionary Jargon
45:00 – Impact on Citizens
46:35 – Your Corruption
49:37 – Gold Mafia Banks
52:44 – Forex Traders
59:52 – SA is a Piece of Land
1:01:28 – Jacob Zuma
1:03:08 – Defending Corruption
1:09:30 – Liberation Tools
1:21:58 – Global Mafias
1:31:11 – End

The banks allegedly involved in the manipulation of the Rand:

1. Bank of America Merrill Lynch International Limited
2. BNP Paribas
3. JP Morgan Chase & Co
4. JP Morgan Chase Bank N.A.
5. Investec Ltd
6. Standard New York Securities Inc.
7. HSBC Bank PLC
8. Standard Chartered Bank
9. Credit Suisse Group
10. Commerzbank AG
11. Australia and New Zealand Banking Group Limited
12. Nomura International PLC
13. Macquarie Bank Limited
14. ABSA Bank Limited
15. Barclays Capital Inc.
16. Barclays Bank PLC
17. Citibank N.A.
18. Citibank International Limited
19. Deutsche Bank AG
20. HSBC Bank USA N.A.
21. Société Générale
22. Standard Bank of South Africa Ltd
23. Nedbank Limited
24. FirstRand Bank Limited
25. Goldman Sachs International
26. UBS AG
27. Bank of Tokyo-Mitsubishi UFJ Ltd
28. Morgan Stanley & Co International PLC

Twitter link: https://x.com/mrlungisa/status/1726886352443277438?t=dJDhCU6RExhNlb-0yXgYTQ&s=08

Article Links:

https://businesstech.co.za/news/finance/731245/uk-bank-coughs-up-r43-million-for-rand-manipulation/

https://www.wylie.co.za/Articles/Read/335/Banks-Accused-of-Colluding-to-Rig-the-Rand

https://newsnote.co.za/silence-as-banks-are-caught-with-pants-down/

Movie References:
– The Big Short
– Margin Call
– Wall Street: Money Never Sleeps
– The Wolf of Wall Street

What happens to the money collected at the competition commission?

Founded in 1999, had collected R5.8bln by 2015

Bread price fixing where the price of bread didn’t go down: Tiger Brands R98mln, Premier, Pioneer Foods R195mln

15 construction firms in 2013 paid R1.4bln after the world cup stadiums scandal… between 2006 & 2011… 21 companies in the wrong. 3 exempt and 3 not fined.

The companies that incurred the largest penalties for collusive practices were: Wilson Bayly Holmes Ovcon (WBHO), which was fined R311.29-million for 11 projects, Murray & Roberts, which was fined R309.05-million for 17 projects, Stefanutti Stocks, which was fined R306.89-million for 21 projects, and Aveng, which was fined R306.57-million for 17 projects.

The SARB is a more problematic institution and needs to be looked at, along with the Constitution

Why are people’s names not given and pictures?

What about Maria Ramos and Tito Mboweni?

What about the Rand that lost value when Zuma appointed David van Rooyen? Who was responsible?

Why has South Africa not been downgraded with the rampant loadshedding, inflation, Phala Phala, corruption, etc… after Cyril took over?

Forex rigging… A and B book… Sandile Shezi denies, but I know these things existed

Audit firms also never name names

Plus… they tend to appoint a black woman after scandals so they everyone applauds and diffuse the situation

Enter First Rand CEO

During October 2015 the South African Reserve Bank published the report of its Foreign Exchange Review Committee which essentially found that “No evidence of widespread misconduct came to light, but there was some evidence of inappropriate sharing of confidential client information”.

Bloomberg and Reuters instant chat rooms… traders used to rig prices

The Assault on the Rand: Kevin Wakeford and The Battle to Save a Currency
– Barry Sergeant