The Money Show Rand-fixing case tests justice; SA’s finance: savvy saving rises, but debt and job woes persist.
Aug 19, 2025
Joining the discussion are John Manyike, Head of Financial Education at Old Mutual, who highlights the resilience of South Africans in improving their savings despite economic challenges, and Tracy Davies, Executive Director at JustShare, who analyzes the complexities of climate change litigation and corporate accountability. They cover how financial habits are shifting towards self-reliance, the rise of online gambling as a personal finance issue, and the broader conversation on corporate responsibility in the face of environmental crises.
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Host's Take On Public Confusion
- Stephen recalls watching the Constitutional Court hearing and being confused by technical legal terms like 'peregrini'.
- He warns the public narrative has become politicised and muddied the actual legal allegations.
Complexity Of Rand Manipulation Claim
- The Competition Commission alleges a long-running banks' cartel manipulating USD/ZAR pricing via chat rooms and calls between 2007–2018.
- Proving an overarching cartel is legally and practically difficult given massive market volumes and isolated transaction evidence.
Enforcement Hits Jurisdictional Roadblocks
- Foreign banks' involvement complicates enforcement because jurisdiction and cooperation across regulators are required.
- Standard Chartered's prior admission and fine strengthens the Commission's leverage in pursuing remaining banks.
