Unfiltered | Banks under fire for rand manipulation - 23 November 2023

[@finaldaylight3804]

These international banks should be kicked out of South Africa. We are plagued by economic hitmen.

[@ldawg69r]

I disagree. They must pay everything they stole. Kicking them out will not help us, they must pay everything

[@hlulanithetsongaprince]

We want them out

[@johanbrittz9054]

What about jailing CEOs and directors and others responsible?

[@zakhelezwide1911]

They have to be arrested and fined more.

[@JohnLaw-f5v]

start from the cause - cadres are the issue , nothing wrong with banks , banks are scapegoats .

[@KKOPPONG]

@@JohnLaw-f5vso cadres are now controlling publicly listed companies that are working for shareholders? Cadres are also in control of foreign bank’s operating in South Africa? Hayi my guy don’t be stupid😂. Not everything is an ANC matter bro c’mon😂

[@siyabongamlaba8979]

​@@JohnLaw-f5vukhuluma indunu wena

[@rhythmictones4983]

🤦if stupidity was person

[@xolisangcengedizzyworld]

The problem that i have with big business corruption, it's called manipulation or price fixing instead of corruption. Government officials are slandered in every media outlet for corruption and found guilty by the public even before going to court🤷‍♀️.

[@j0hnst5v5ns]

I think it deals with the action and not the sector. In tenders you would manipulate the score to favour one supplier above another and I think that fits the definition of corruption. In the case of the banks it was for self-enrichment and did not offset external parties against each other.

[@fin2-em2mf]

You mean WHITE OWNED businesses?? lol

[@Belugacrip]

@@j0hnst5v5nsTheir conduct (as institutions) immediately offsets the value of my rands and cents from its true value, what are you talking about? This, by all accounts is the highest order of corruption with far reaching effects (like inflation and interest rate hikes) and it’s closer to insurrection and destabilising the state than manipulating scores to supply brooms or whatever. They’re literally being referred to as cartels and you want to assert that this is not corruption? It’s “different” and not descript in terms of the definition of corruption?

[@marabunya]

​@@j0hnst5v5nsTrue, even the Steinhoff scandal was reported simply as "accounting irregularities" it was not corruption.

[@shafiyaalgiquadra1105]

@@marabunya it is about power. For example it is being debated whether Israel is committing gen.0.cide but it was readily accepted that the #amas attack was an attempt at it.

[@VinnySthole]

Real state capture.

[@scroopynooperz9051]

Not limited to South Africa though. These multinationals operate with impunity across borders. Next they'll just shift their focus somewhere else.

[@YusufGinnah]

If this was the EU, the CEO and Directors would've went to jail...

[@mrnmakama4923]

This is simple as South Africans we should boycott all the banks involved in this rand manipulation. we take the business to other small banks. Those big businesses won't have money anymore to fight back. This method should be applied to all private companies that take this country for granted

[@sibongisenisakhele3114]

Fascinating that business cries foul that government is corrupt yet they are also actively participating in corrupt dealings. Instead of doing the right thing and being accountable for their unethical behaviour, they are defending wrongdoing. Hypocritical!

[@brantcollins4115]

They're all in it together.

[@mphokekana1113]

Julias Malema has been saying this n most people thought he was crazy

[@Technology24]

Under Zuma we were told it was Zuma.Now that Ramaphosa owns shares in these banks we must blame the banks.

[@lehutjomaja1173]

Who's administration was ruling the country during 2016 when this happened?

[@Technology24]

@@lehutjomaja1173 Ramaphosa was already owning shares in the banks then . The companies Cyril Ramaphosa owned: These companies include many of South Africa’s top businesses, including MTN, Coca-Cola, McDonald’s, Standard Bank, Alexander Forbes, Liberty Group, and Bidvest. It also had a strong presence in the industrial and resources space, with investments in MPACT, Macsteel, Seacom, Helios Towers, RentWorks, Lonmin, Pan African Resources, Lace Diamond, and Kangra Coal. The image below shows companies in which President Cyril Ramaphosa had a stake before he became deputy president.

[@desert_rose7171]

This actually go all the way back to 2007

[@Nomngcefe]

@@lehutjomaja1173 🤣🤣so according to u, Zuma had control over privately own bank, interestingly those are owned by the same Whites who hate him with passion! U are so confused 😂😂

[@Technology24]

@@desert_rose7171 Ramaphosa has owned those shares going back to the time of Mandela.So whats your point?

[@mdEdwardsMax]

This case has been dragging on since 2015 already. There should have been convictions by now.

[@sandilechoabi4601]

Listening to this debate is sickening, to hear about the magnitude of corrupt activities across the board only makes one realize our parliamentarians must wake up and vote laws into place that'll protect South Africans.

[@loutjiegeldenhuys9496]

Yes we need change

[@kgotsomaila2376]

😊

[@paulusm3499]

Spot on Sandile

[@paulusm3499]

​@@loutjiegeldenhuys9496 we need a change of laws, no politicians will save us.

[@godfreymaluleke9489]

fines must be in the range of billions of Rand, or else close shop.

[@A_Afrika]

When all is said and done, we want those who are involved jailed. The pricehikes must be halted immediately. They must answer their crimes

[@nqababarnes4340]

Our reserve Bank is busy with interest rate hikes instead of investigating wat is a real problem.

[@AnathiJakuja]

You can’t jail a bank now can you?

[@ghostpsgaming5871]

Think about all the hard working SOUTH Africans who honestly believe hat they are making a difference in putting this country in a better place economically. All to realize that whatever efforts they out in is merely superficial and illusionary. This is truly an atrocious act by these faceless banks.

[@CradleofLifeSA]

Wow, I just came back to SA after a long time away due to many factors including GBV, corruption… This is very disturbing bcs I just had to buy Rands with foreign currency‼️ I’m really wondering if I received the proper exchange rate😳🤔 Prosecution is the ONLY way to change this type of behaviour‼️

[@Courts220]

Thank you Gentlemen for explaining beautifully

[@mphorambau9299]

Where will I get money to litigate for damages against banks with infinite resources??

[@karaboramadie1713]

Seems like we should all be criminals 😢

[@thulisisizwemagagula]

Now I truly like Capitec Bank❤🏦 What were the names of the CEOs of these Banks involved.

[@kwenamatlala5276]

Let the ANC do something about this if they are serious about ending corruption

[@mahlareniwilsonmojela7681]

Why everytime Mr Mahlangu tries to share the information he has then there's a connection issue? Why? Are you trying to disturb him so that the ordinary south Africans don't understand this?

[@reubenmakgalemele3109]

True

[@mahlareniwilsonmojela7681]

@@reubenmakgalemele3109 they act as if they care...

[@bisabop976]

What is stopping the useless SARB from nullifying the banking licenses for these repeat offendets and also instituting criminal charges against these banks? I thought one of the SARB's mandate is to protect the SA currency. Anyway I'm not surprised since this reserve bank is owned by these connected individuals and foreigners who have no interest at heart for South Africa. SMH 💔

[@wlets9784]

If the rand has been devauled, it's definitely not our fault as ordinary citizens, and cannot be held liable for the other bank charges.

[@Yibanathi]

I love these guys who were involved in this interview. They gave us a strong valuable information including the presenter who asked relavent questions

[@VincentMadlest]

Who benefitted? Did the politicians benefit? If YES, that means no one will face it.

[@PalesaS17]

The fine is a slap on the wrist…

[@YoungLion449]

They stole in % that fine probably doesn't even account for 10% of that 🤷

[@gsmixification]

You go chow corruption money, and when the corruption money is finished, you go ask for forgiveness 😂

[@ismailmakumbaphiri672]

Those are real criminals.mr Cele must must go after them not only poor people.

[@theonly6359]

Cele??? lol 😂

[@bisabop976]

But uCele pho?

[@tembekantsokota5595]

Yoh we never be free... wow

[@sneyende2577]

We need to fight

[@263EastRD]

Give us names, people who directly are involved in this, give us names of regulators and decision makers we need journalism here

[@mdEdwardsMax]

Those involved must be punished, fined and their licences revoked effective immediately...

[@Kingvicc]

Tha banks will be fined 1% of thier revenue and continue business. Our interest as the public is, will this be rectified? Will the Rand be re-adjusted to avoid an additional negative impact on SA citizens? If yes, when?

[@maxine6933]

True these fines are budgeted for😊

[@shopekassie]

Form a new regulatory body to regulate banks and not this foreign-owned and traitor South African Reserve Bank. Relax requirements for opening a bank so that individual groups can start their own banks.

[@ryanseddon4800]

HSBC Holdings Plc, Lloyds Banking Group Plc, Barclays Plc, Standard Chartered Plc, and NatWest Group Plc are the top 5 UK-based Banks in 2021 by revenue. What does the prosecutor mean by saying to people that Standard Charter is not a big bank therefore the fine they paid is significant…

[@veedagod1027]

Key words "in the country"... legislative limitation, hence the penalty being insignificant

[@maxine6933]

South Africa

[@hawkeye3116]

This is to also condone corruption further by the policy, to give companies leniency or immunity?

[@KKOPPONG]

Hey man let the banks collude. That’s where the interest from my investments and pension comes from😂…keep colluding banks, I need that interest asap😂

[@teboholetsatsi9669]

Cancel all credit card debt and personal loans from these banks Please

[@aah9111]

Does this mean inflation is gonna come down seeing big buyers won't have to pay so much cause the rand value is more so they won't inflate ther prices to local businesses and the public when are we gonna see the change or relieve

[@maxine6933]

Will the rand now be valued at the correct amount?

[@tumelomokoena6131]

Ah in this spaza country, all the implicated banks will escape accountability.

[@skhumbuzomkhize1271]

But nothing will be done,

[@zodwadingiswayo7745]

There is no need to undermine how they are communicating thus totally show how we rude to each other

[@madodasimelane2397]

They must be published not the joke fines of millions they have to be billions for this

[@reubenmakgalemele3109]

Thanks Sizwe . This is huge . Please list all the banks that are involved. As well the government must intervene and assist in this matter . We cannot allow the banks to kill our economy and the country. At this stage Finance Ministry must flex their muscle and as well the President mus must be called . We cannot allow this to happen, and if this banks does not accept their wrong doing they must be kicked out of South Africa with empty pockets. For how long should the people of Mzansi be abused by white monopoly capitalist.

[@bisabop976]

Penuel the black pen has listed all of them in his vlog

[@EnestMoyo]

Something has to be done b4 SA is the next Zim

[@BonakeleTheo]

Busisiwe Mkhwebanne lost her job and she was deem as someone unfit to hold public protector office, how come she can't sue them for false charge because it's clear they were protecting banks but I have notice most politicians are quiet about this because they have been paid bonus out of this scandal

[@BruïnGebakken]

1:30 This is a 'de mon ...' She's right. Let's get rid of this de mon!

[@witnessmudzamatira4746]

What i want to know is what can be done legislatively (politically) to stop this in future. Im sure some politicians benefited from this. Also who has been arrested and how can the country recover that money.

[@hisoka3501]

All these banks should pay their Client's. Where does the money go to that the banks pay back?

[@redpanda4131]

All banks which are involved in Rand manipulation must be fined heavily equal to their manipulation profit. As we know that South Africa depends mostly on imports. For example we sell iron ore to China and buy steel from them [ It is similar to selling our own cows and buying milk from others. Time is crucial now to manufacture our own steel here in SA using our own iron ore and coal in blast furnaces. This can create thousands and thousands jobs here]. If South Africa can produce steel here, we can be the major exporter of steel in the world. Due to Rand manipulation, we paid more to imports than our exports. Almost 60 million South Africans suffered due to this currency manipulation. We have to bring our currency back to the same as 1994. By doing so, South Africans will be having strong buying power and pay less for all consumer products (food, medicines, petrol and diesel, etc. etc. ..........). All South Africans' lives improve and poverty decrease. Back to our Glory again.

[@durbanway8376]

This issue affects the livelihood of every South African. I think this is been taken lightly for real, some have to go to jail how can it be only a small lousy fine which won't affect the banks in any way, Come on.

[@durbanway8376]

What are the politicians doing about this?

[@morganfreekill7802]

Ya south africans always asking whats the use of crypto... and trust the banks with their money... 🤣

[@reubenmakgalemele3109]

Crypto world is the way to go . And the banks are discouraging the public

[@victormkhaliphi2778]

24:09 This is the basis for class action lawsuit.

[@thabosiphiwemngoma1859]

@09:16 couldn't you let him finish?

[@friksteyn8887]

Banks should be forced to compensate each one of their account holders by paying each an amount of R2 million rand into tehir accounts!! We were badly povertized and we need compensation!! Banks must pay to their clients. Fines paid to the authorities is useless

[@ANNROSETTE100]

Standard bank staff need training .

[@qbond007]

Why do South Africans continue to bank with these banks? The people of South Africa are lazy because there’s no movement by the people against these banks and without public involvement nothing will change. This manipulation is worse than state capture and probably cost businesses and households in South Africa billions. Rand manipulation affects petrol prices, groceries, salaries, the entire GDP of the country is impacted. I’m shocked by how South Africa has reacted to this.

[@Mmiseli]

Don't be too forward what have you done for your sh*thole country,

[@warickdonrastafarian]

Why the da is so quiet about this corruption

[@YoungLion449]

People already dont trust them....their silence speaks volumes

[@brantcollins4115]

So much for conspiracy theories not being true. I wonder what other conspiracy theories are actually real.

[@pumlambiza3922]

Lest we forget #RandManipulationIsTreason 😢

[@luckymasina4239]

These banks needs to be fined R500 Trillions each and the citizens of this counrty must benefit in the process,it must'nt go to PHALA PHALA or RUPERT

[@hlulanithetsongaprince]

Lets hope nothing happen to all this banks we have seen this unfold and nothing happen to them

[@MrRastafari01]

Zimbabwe has been warning Africa for years about these banks and systems but you all laughed at Zimbabwe and blame it’s people for everything. What do you think illegal sanctions are, it’s all to do with finance.. WAKE UP

[@mdEdwardsMax]

That policy needs to be revised and amended it's not working. Too many loop holes in our judiciary system, again urgent reforms need to take place.

[@mdEdwardsMax]

Meanwhile those banks go on with business as usual. CC are greatky undermind.

[@86mazet]

People took their lives because they couldn't afford.

[@DreMosala-uc9ir]

This is war without weapons .

[@AndrewMcFarlane_1]

A lot has been said but nothing about exactly how the banks manipulated the currency.

[@veedagod1027]

Demand and supply of a currency drives prices, if banks collude to either demand or supply a certain currency pair, currency price will be affected!

[@AndrewMcFarlane_1]

@@veedagod1027 in which direction and by how much?

[@mdEdwardsMax]

The CC as an institution relies heavily publuc participation and whistle blowers instead of doing the ground work. They need to more proactive position.

[@bhaimohamed5249]

What who did what let them these banks add a couple zero to my bank account

[@tumelomoloi9934]

This guy from the commission keeps saying the ordinary citizen must request the certificate from the commission and thereafter go after the Banks on trial and file for damages, we all know beyond anything, the governemnt has used the tax payers money to operate on higher tarrifs fundamentally induced by this colluding, why arent state organs activated individually to go after these banks and claim damages from colliding? They have the proof, the receipts of expenditures, and the means to go after a bank, where do i start? Why isnt the governmemt paving the way for its people?

[@MkhuluwezizweMwelase]

ANC MUST FALL ZUMA MSHOLOZI WAS THE BEST PRESIDENT EVER IN SOUTH AFRICA

[@ebrahimomar4299]

ALL i CAN SAY LET THE MINISTER OF FINANCE ANSWER THIS QUESTION,WHICH WAS FINANCE MINISTER DURING PRESIDENT ZUMA ERA THIS IS WHERE THE TRUTH LIES

[@fredaheunes8659]

1st speaker...TOO RAPID SPEECH

[@sibonginkosisydney5059]

WHERE ARE THOSE WHO ARE FIGHTING ICT FOR CLAIMING BANKS MANIPULATE PRICE?????😂😂😂😂

[@glennborrageiro6257]

The guvvament ees haaangry they want maany for Creesmas.

[@novelakengwilingwili4080]

We have our African languages and we speak them very well. The concern about how we pronounce foreign language is the problem of those who think we should be anything except who we are.

[@leopillay3690]

Why now ??? The ANC needs money to run their campaign for the 2024 elections....😁

[@reubenmakgalemele3109]

Shame on you

[@leopillay3690]

@@reubenmakgalemele3109 No shame on you ....I'm entiled to my opinion....Or maybe I touched a nerve...🙆🙆

[@George246-zg1zw]

Aggree the ANC still owes 100 million for election posters that the never paid from 2020

[@lukedinkel1007]

Competition committee just want their hands in the pie✌️carry on business as usual… Only rugby matters.

[@glennborrageiro6257]

They are haangry they want tha money

[@George246-zg1zw]

Cant reply on the opinion from any these guys including the host. They are not qualified to pass comment on this topic.

[@kgomotso2360]

Can you spell arbitrage? If the policy states that we can only penalize them based on their south african turnover then why not make 1 trillion globally and pay 42mil in SA.

[@reubenmakgalemele3109]

This is global ...

[@George246-zg1zw]

How many zeros does a trillion have ????.... do you know

[@modisemakokwe4256]

@@George246-zg1zw yes I know boy

[@George246-zg1zw]

@@modisemakokwe4256 I'm sure you a chance to look it up now.🤣🤣🤣🤣🤣

[@reubentrotter4432]

Why now.... Deflection!!!!!

[@PivotPoint007]

Cancel all credit card debt and personal loans from these banks

[@seanmyers8380]

Whats funny is that, this clown is talking about Standard Charted being a small bank which paid a large figure "in his eyes", Does he know how much Standard Charted made over these years because from what I can tell is that no one knows the actual figure. So how does he know these people are paing a large figure? Its a large figure in relation to what? He is here to put fear so that other institution should just settle and not prosecute Standard Charted Bank to the full extent of the law. What he is essentially saying is that if I steal money for years than come when I am found out and then want to pay a fine and say I will expose my partners for immunity from prosecution? Standard needs to be shut down and sent home, that space would be operated by a State Bank.

[@mphorambau9299]

Lol, amabungane is very silent on this matter 😅, these NGOs are really hired guns, with specific targets.

[@phelelanimafuleka3854]

All white formations are noticeably very silent including so called economists and Investigative Journalists😂...had it been black institutions and CEO's they would have a field day to provide detailed explanation. It would be called Corruption not Rand Manipulation or Fixing but in this case they can't go against their Masters and Funders.

[@YusufGinnah]

Does this mean the Dollar will now be R5.00??

[@kabelomoeletsi6982]

Of course they know what's happening and they let it happen so what's the point 🚮they are all accountable so are we as citizens coz oblivious, selfish and arrogant people let it happen. Prosecution is pointless bcoz it ends up being swept somewhere and there is really nothing we can do

[@jb-tw6xq]

"they can take us to court until our money runs out" . Maybe there should be a law against that, capping their money?

[@asm-art7641]

This could all be a plot for them to have an excuse to spend tax money

[@josecornejo9850]

Penalty, what is that. They make billion in profit, but the penalty is insignificant compared with the profit do you really want to panish and stop this corruption well take the licence and do not let this criminals to work or openn bank again ever

[@UhuruUhuru]

Excellent discussion

[@ntparker4712]

There a bank manopoly in south Africa get more banks bank of India bank of China we are hijack by few.

[@franklinbrown5625]

What about criminal charges. A fine is not a deterrence or compensate for the economi and social damage to the population. Plus the lack of confidence by ecternal banks etc.

[@siyabongamlaba8979]

They've been saying ANC dropped the rand look who did it

[@sphamandlalumkile1171]

Some countries that have better law than this 🍌 republic it would have been done the best decision ever,more special for the poor people😢.they must cancel all the f*cken personal loans that interest rate way too much

[@robertraine1953]

Collusion is a collectivist act - not that different in principle from what trade unions do. Civilised people mind their own business.

[@desraygrieve9685]

So these banking institutions are fined What happens to the money? How does this benefit the average South African?

[@reubenmakgalemele3109]

The wealth must be distributed to the poor people

[@glennborrageiro6257]

​@reubenmakgalemele3109 Bwahaha dream on eets going to but naaice shiny black SUV with blue lights, you know your people mos and eets Chreesmas now eish too many parties and bashes. He hehe wait for your handout. 😅

[@pumlambiza3922]

The fine foes into the fiscas, then the cadres benefit in terms of tenders, unfortunately you wont benefit if you are not alligned to the governing party 😂😂

[@germaineludik]

Why am I not surprised?!