The ATM has asked for the President, Cyril Ramaphosa, to set up a commission of inquiry to probe the manipulation of the rand. Picture: Reuters
African Transformation Movement leader Vuyo Zungula has written to President Cyril Ramaphosa asking him to appoint a commission of inquiry into the manipulation of the rand.
This comes moments after Parliament turned down his request for an urgent debate on the matter.
However, the Competition Commission will appear before the Parliamentary committee on finance to give more details on its report into the manipulation of the rand.
The UK-based Standard Chartered Bank was fined R43 million by the commission, and some of the political parties have described the fine as a slap on the wrist.
The ANC and EFF have called for bank officials and others involved in the rigging of the rand between 2007 and 2013 to be charged.
The ATM’s bid to have its motion debated in Parliament was turned down by the acting Speaker, Lechesa Tsenoli.
“The matter you have raised indeed appears serious and requires further investigation. I am, however, aware that associated legal proceedings are ongoing. Therefore, it would be premature for the National Assembly to debate the matter a this point. I am of the view that it would be more appropriate for the relevant oversight committee to pursue the details and report so that an informed debate can take place,” said Tsenoli.
He added that the standing committee on finance has already set up a meeting with the Competition Commission on this matter.
Zungula has since written to Ramaphosa asking for a commission of inquiry into rand manipulation.
He said the conduct of the local and international banks requires the urgent attention of Ramaphosa in view of the impact of currency manipulation to the economy.
He said there was no guarantee this practice has stopped since 2013.
There were laws that have been breached by the conduct of the 28 banks mentioned in the commission’s report.
“In light of the seriousness of these findings and their potential impact on the wellbeing of our citizens, we respectfully request that you institute a Commission of Inquiry to investigate the rand manipulation scandal. Such an inquiry is crucial to ensure a comprehensive and impartial examination of the collusion,” wrote Zungula.
He added that such a commission would ensure that there was accountability in these matters and the practice was stopped.
siyabonga.mkhwanazi@inl.co.za
Politics