The Competition Commission on Wednesday failed to disclose the percentage of its turnover the company will be paying as a fine.

This happened at a Competition Tribunal hearing in Pretoria held to determine the fairness of a R69.5-million settlement agreement reached with CitiBank for its role in alleged anti-competitive behaviour by 14 banks relating to forex trading.

The tribunal’s Fiona Tregena said‚ “I know that the penalty does not exceed the 10% of the turnover. What percentage is it exactly?“

Makgale Mohlala‚ head of Competition Commission’s cartel division‚ said he was advised that due to a confidentiality claim by CitiBank he was not allowed to reveal the amount.

“This might just reveal how much CitiBank is making‚” he said.

CitiBank legal representative Isabel Goodman confirmed that the bank had claimed confidentiality over the information.

She‚ however‚ said the information would be provided to the tribunal on a confidential basis.

Mohlala said the settlement agreement was designed “to entice the respondents to come forward and assist the commission in the prosecution of this complex conduct“.

“We tend to not insist on higher penalties during settlements as the penalties we will get as the commission for settling are huge‚” he said.

The tribunal’s judgement is expected to be released later on Wednesday or on Thursday. — TMG Digital