Standard Bank treasonous? We're literally helping to keep the lights on says CEO
Bruce Whitfield speaks to Lungisa Fuzile, Standard Bank SA CEO.
Standard Bank is one of 28 banks accused of being involved in alleged currency manipulation of the South African Rand.
Some say this criminal conduct even amounts to treason, as it directly weakens the government.
UK-based Standard Chartered Bank has already admitted liability in the rand fixing scandal and has agreed to pay a fine of R42.7 million to the Competition Commission.
The bank will reportedly also co-operate with the ongoing investigation.
Standard Bank too says it will comply and assist with any investigation into any anti-competitive behaviour.
Standard Bank SA CEO, Lungisa Fuzile says as a company, they’re in fact do the opposite of what they’re being accused of.
Businesses need a thriving economy in order for them to deliver on their strategic objectives, and contribute to the advancements of South Africa, and in our case the entire continent, can be viewed to be doing the opposite.
Lungisa Fuzile, CEO – Standard Bank SA
Businesses that assist by partnering with government to solve the energy problem affecting us today…sorting out with what is happening with logistics in Durban. Sorting out crime and corruption. All of these things which are holding South Africa back. We’re working with government.
Lungisa Fuzile, CEO – Standard Bank SA
We will be meeting as businesses leaders, with president, cabinet and senior officials in government, to talk about the progress we’re making, to chart a way forward on what more can we do to accelerate the impact of those efforts.
Lungisa Fuzile, CEO – Standard Bank SA
Listen to the audio for more.
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