Strong case against 18 banks for collusion, corruption and other serious offences

Strong case against 18 banks for collusion, corruption and other serious offences

On Monday 28 August 2017, the issue for consideration by the Competition Tribunal was whether the applications launched by the offending banks against the complaint referred to the Tribunal should be dealt with as one application or individually.

Black First Land First (BLF) agrees with the Competition Tribunal – each case must be dealt with on its own merits. Moreover, the case against the 18 banks is strong and the evidence is overwhelming.

We note that although Barclays Africa and Citibank have admitted to guilt and have agreed to assist the Competition Commission to prosecute the other offending banks in exchange for indemnity against prosecution, such cooperation is most likely to amount to lip service and the promotion of impunity on the part of the said banks. These banks should therefore still be prosecuted to the full extent of the law with appropriate sanctions upon conviction to ensure that those wronged receive the necessary relief including reparations.

On 29 July this year BLF charged 18 banks – namely: Bank of America Merrill Lynch International Limited; BNP Paribas; JP Morgan Chase & Co; JP Morgan Chase Bank N.A; Australia and New Zealand Banking Group Limited; Standard Securities New York Inc; Investec Limited; Standard Bank of South Africa Limited; Nomura International plc; Standard Chartered Bank; Credit Suisse Group; Commerzbank AG; Macquarie Bank Limited; HSBC Bank plc; Citibank N.A; ABSA Bank Limited; Barclays Capital Inc; and Barclays Bank plc – for various offences including collusion, corruption, theft, fraud and money laundering relating to price fixing and the division of the markets. In support and corroboration of the allegations contained in the charges against each of the banks BLF submitted a statement by its President, Andile Mngxitama, to the police.

It must be remembered that the Competition Commission has already found the 18 banks to have committed criminal activities and to this end has recommended that they each pay the maximum fine permitted by the Competition Act being 10% of the annual turnover for the last year of transgression. In the meanwhile BLF has engaged the Competition Commission about amending the legislation with a view to increasing the maximum fine to 100% of the turnover for each year of transgression. BLF shall pursue this issue to its finality.

The offending banks have committed the above criminal offences from at least 2007 up to the end of 2015. They continue to act with impunity. The actions of these banks effectively amount to stealing from the poor as their crimes have adversely impacted on the entire economy. We also note how the manipulation of the currency during December 2015, so as to force President Zuma to appoint Pravin Gordhan as Minister of Finance, had cost the country over R500 billion in two days. BLF will continue to expose and take direct action against the massive corruption that the white owned media has glossed over in this respect.

BLF reiterates its call on ABSA to cooperate with the police – just as it did with the Commission – and to help bring all perpetrators to book. ABSA must reveal the truth about the corruption it has been complicit in.

Issued by the National Coordinating Committee of Black First Land First (BLF NCC)

30 August 2017

Black First Land First Email: [email protected]
Facebook: Black First Land First
Twitter: @black1stland1st
Website: www.blf.org.za

Zanele Lwana
(Deputy President)
Cell: +27799867225

Lindsay Maasdorp
(National Spokesperson)
Cell: +27 79 915 2957

Brian Tloubatla
(Deputy National Spokesperson)
Cell: +27 82 216 7664

BLF opens case of fraud, theft and corruption against 18 banks

BLF opens case of fraud, theft and corruption against 18 banks

BLF has today opened a criminal case (case number: 916/07/2017) at the Hillbrow Police Station in Johannesburg against 18 banks who have been involved in illegal activities including fraud, money laundering, theft, corruption and collusion. These 18 banks – including ABSA; Standard Bank; Investec; and major international banks such as Barclays and J.P Morgan – have contravened the Prevention and Combating of Corrupt Activities Act 12 of 2004 amongst other laws dealing with criminal conduct.

The above banks have already been found to have engaged in criminal activities by the Competition Commission which has recommended that the guilty banks pay the maximum fine provided for by the Competition Act which is 10% of the annual turnover for the last year of transgression. BLF has informed the Competition Commission about the steps it is going to take to bring the above banks to book for their criminal actions – we have indicated that we will be preferring criminal charges against the banks.

These banks have been involved in various criminal activities from at least 2007 up to the end of 2015. BLF believes that the banks have not stopped any of their criminal activities – they continue with impunity. It is time that we stopped them!

The banks, which are named in the BLF statement submitted to the police, are essentially busy with theft from the poor because of the impact their criminal activities have had on the entire economy. Manipulation of the currency in December 2015 so as to force President Zuma to hire Pravin Gordhan as Minister of Finance cost the country R500 billion in two days. This is massive corruption that has been swept under the table by the white owned media.

Today’s case will kick-start a process to end the corruption of white monopoly capital. BLF calls on ABSA to cooperate with the police and in this regard, turn state witness as it did with the Competition Commission investigations. ABSA must tell the police the truth about the corruption it has been party to.

BLF shall monitor the criminal case against the 18 banks opened today. We will ensure that it is fully investigated and that the truth is exposed.

Issued by the National Coordinating Committee of Black First Land First (BLF NCC)

29 July 2017

Black First Land First Email: [email protected]
Facebook: Black First Land First
Twitter: @black1stland1st
Website: www.blf.org.za

Zanele Lwana
(National Spokesperson)
Cell: +27799867225

Lindsay Maasdorp
(National Spokesperson)
Cell: +27 79 915 2957

Brian Tloubatla
(Deputy National Spokesperson)
Cell: +27 82 216 7664

BLF to open criminal case against 18 banks today

Media Alert

Black First Land First (BLF) will open a criminal case against 18 banks for collusion, and or corruption, and or fraud in that they contravened section 4(1)(b) (i) and (ii) of the Competition Act No. 89 of 1998 by engaging in price fixing and market division.

The above crimes of the banks involves billions of rands. BLF will submit a statement with evidence of the criminal actions of the banks in which it shall name all the implicated banks.

The case will be opened under the following details:

Date: 29 July 2017 (today)
Venue: Hilbrow Police Station, Johannesburg
Time: 12:00pm

Issued by the National Coordinating Committee of Black First Land First (BLF NCC)

29 July 2017

Black First Land First Email: [email protected]
Facebook: Black First Land First
Twitter: @black1stland1st
Website: www.blf.org.za

Zanele Lwana
(National Spokesperson)
Cell: +27799867225

Lindsay Maasdorp
(National Spokesperson)
Cell: +27 79 915 2957

Brian Tloubatla
(Deputy National Spokesperson)
Cell: +27 82 216 7664

 

Mbeki, Manuel and Mboweni must apologise for ABSA billions

Mbeki, Manuel and Mboweni must apologise for ABSA billions

Black First Land First (BLF) calls on former President Thabo Mbeki, former Finance Minister Trevor Manuel and former Governor of the South African Reserve Bank (SARB) Tito Mboweni to apologize to the nation for failing to protect the national assets. The three politicians were entrusted by the nation, by virtue of their positions at the time, to be guardians of and to safeguard the wealth of the nation. The leaked report of the Public Protector on the investigation of the “life boats” confirms that the three had unethically and possibly illegally protected white capital from paying back the R26billion stolen from the SARB.

Mbeki, Manuel and Mboweni are on record for saying that while they knew and accepted that ABSA amongst others had unduly benefited from the the illegal activities surrounding the “life boats” saga, they didn’t take action because they had decided that such action would negatively affect the banking system and consequently the economy. Such reasoning is not just irrational but served to abate the institution of the necessary criminal actions. To this end the conduct of the said three people must be condemned by all those who are ethical and genuinely against corruption. 

Mbeki, Manuel and Mboweni must apologize to the nation for such faulty reasoning or confess that they were merely defending the interests of white settler monopoly capital. The rationale for this call by BLF is made urgent by the public announcement of Mr Billy Masetlha, the former Head of the South African National Intelligence Agency, that he was misled by the trio into not pursuing the ABSA billions. This is a genuine admission by a civil servant who took his responsibilities seriously. It’s our hope that Mbeki, Manuel and Mboweni shall now follow suit. They must admit the error of their judgement and implore ABSA to stop wasting time and pay back the money.

BLF is aware that the trio had all along been aware of the contents of the CIEX report which implicates numerous banking entities and other businesses in unlawful activities. BLF is also aware that amongst the individuals that benefited from these unlawful activities is the businessman, Johann Rupert. This raises serious questions, given the close relationship that the businessman had with some of these three people.

BLF says to Mbeki, Manuel and Mboweni, “now is the time to come forward and admit your gross error of judgment that borders on dereliction of your duty. Confess and ask for forgiveness”.  More importantly, BLF calls upon them to encourage all those implicated in the theft of the R26 billion from SARB to forthwith pay back the money. The immediate payment of the stolen billions will save the state resources in the recovery of the said money which in turn is likely to entail lengthy and costly legal processes including a possible Judicial Commission of Inquiry. Should Mbeki, Manuel and Mboweni fail to apologize, the option of pressing criminal charges against them for not acting on information of wrong doing which came to their knowledge shall be utilized. The law is clear about this. 

BLF looks forward to hearing from the three as they discharge, albeit belatedly, their patriotic duties as leaders of society.

Issued by Black First Land First, National Coordinating Committee (BLF NCC) 

18 January 2017

Contact details 

Black First Land First Email:[email protected]
Facebook: Black First Land First | Twitter: @black1stland1st
Website: www.blf.org.za

Deputy National Coordinator:  Thandiswa Yaphi. 
Email: thandiy[email protected] 
Cell no: 0631073163

Zanele Lwana
(National Spokesperson)
Cell: +27 79 486 9087
Mail: [email protected]

Lindsay Maasdorp
(National Spokesperson)
Cell: +27 79 915 2957
Mail: [email protected]­om