Cape Town – President Jacob Zuma has backed the probe into currency manipulation by the banks and called for tough action.
Zuma told Parliament, during a reply to the debate on the State of the Nation Address on Thursday, that the fines imposed by the competition authorities were not sufficient.
More stringent sentences and penalties were required to punish those involved in collusion.
Ironically, in his SONA last Thursday Zuma told Parliament the competition authorities had done an excellent work in fighting collusion in the private sector.
He said he had signed into law a piece of legislation to criminalise cartels and collusion.
The legislation provides a sentence of up to 10 years for those implicated in collusion.
In his reply to the Sona debate on Thursday Zuma reiterated that harsh penalties were required to deal with this behaviour in the market He said he welcomed the decision of the Competition Commission, which has referred the matter to the Competition Tribunal.
He said the 17 banks have a case to answer at the tribunal.
He said the government will support measures to protect the economy.