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South Africa Orders Citigroup To Pay Over $5 Million; Grants Barclays Immunity From Rigging Probes

Josh O'Neill

22 February 2017

New York-headquartered conditional immunity from prosecution in exchange for its continuing cooperation, Bonakele reportedly told a parliamentary committee on Tuesday.

"We did, through the investigation, receive a leniency application from Barclays/ABSA which cooperated and gave us more information," he reportedly said.

"We have a conditional agreement with them on immunity but this is subject to confirmation depending on the extent of their cooperation," he reportedly added. 

Across the board, the commission recommended fines amounting to 10 per cent of the banks' South African revenues. However, a tribunal determines the final penalties based on “affected revenue” from banks' foreign exchange units and the periods over which the offences took place.