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The United Democratic Movement (UDM) welcomes the findings of the Competition Commission regarding 17 major banks operating in South Africa accused of price fixing in international markets and manipulating the South African currency.

The Competition Commission has been courageous in its fight against corruption, especially the private sector. Most of its findings have withstood scrutiny and we therefore believe that in this instance it has also done its work with precision.

Once this is confirmed (including the settlements that the banks are open to, as well as the decision of the Competition Tribunal) the UDM proposes that National Treasury should ring-fence the proceeds of any confirmed crimes to intervene in the human settlements sector challenges. It is our view that the huge backlogs in building new houses, fixing the defects in the already-built structures, as well as the ultimate eradication of informal settlements, could receive a big push from the good work of the Commission.

The UDM calls on government to move with speed in the transformation of the banking sector in favour of the people of South Africa, but in particular, the disadvantaged majority.

Issued by UDM