09/07/2026
Media Statement: The Constitutional Court endorses the Competition Authorities’ powers to prosecute international cartels
The Competition Commission (“Commission”) has noted the judgment of the Constitutional Court on the forex cartel, which has significant legal and procedural implications on the prosecution of international cartels. The judgment handed down by the Constitutional Court on 30 June 2026, essentially clarifies legal and procedural principles, which the Commission has to take into account when prosecuting international or cross-border cartels. The judgment represents the evolution of jurisprudence on the jurisdiction of the competition authorities to prosecute international or cross-border cartels.
The Constitutional Court confirmed that the competition authorities have jurisdiction to prosecute international or cross-border cartels. The Court also clarified the standard that the Commission should comply with when pleading a Single Overarching Conspiracy (“SOC”). The Court further confirmed that the Commission can join new respondents at any stage during prosecution proceedings before the Competition Tribunal.
On exceptions and objections, the Commission has noted that whilst the Court correctly held that all pleaded facts by the Commission must be assumed as proven to be true, it did not apply this principle on the case against the respondents. On the interpretation of section 3(1) of the Competition Act 89 of 1998, as amended, the Court did not decide this aspect of the Commission’s case, instead it held that the Commission can approach the Court in another case raising the same issue.
The Court upheld the Commission’s appeal against JP Morgan Chase Bank N.A. and Standard Americas Incorporated and dismissed HSBC Bank plc’s cross-appeal. Further, the Court dismissed the Commission’s appeal against eight (9) foreign banks and three (3) local banks.
“The effect of the judgment is that the Commission can proceed with the prosecution of the fixing of ZAR/USD currency pair allegations against six banks, namely, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A., Investec Bank Limited, HSBC Bank plc and Standard Americas Incorporated at the Tribunal”, says Doris Tshepe, Commissioner.
In persuing the prosecution, the Commission will be assisted by ABSA and Barclays, the leniency applicants, as well as Citibank and Standard Chartered, which settled with the Commission.
[ENDS]
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