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Citi’s South African FX Settlement Hearing Set
A Tribunal at South Africa’s Competition Commission will officially hear details of Citi’s agreed settlement with local authorities to end charges of collusion and market manipulation on May 22. Although the bank has reached an agreement with the Commission and agreed to pay ZAR 69.5 million for its role in the alleged manipulation, local sources say the deal has to be rubber stamped by the Tribunal. Citi was the first bank of 17 charged to settle with the Commission on February 20.

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