JOHANNESBURG, Nov. 15 (Xinhua) -- The Competition Commission of South Africa said Wednesday that it has reached a settlement agreement with the Standard Chartered Bank (SCB), a U.K.-based multinational bank, in which the SCB acknowledges and admits to a currency manipulation case and agrees to pay an administrative penalty of over 42.7 million rand (about 2.35 million U.S. dollars).
The settlement brings to an end an eight-year-long dispute over allegations that the SCB colluded with other banks to manipulate the rand-U.S. dollar exchange rate.
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