THE Competition Tribunal has confirmed the R111,6million settlement reached between the Competition Commission and Sasol Chemical Industries regarding the conduct of one of its divisions, Sasol Polymers, over price fixing.
In the agreement, Sasol admits to having contravened the Competition Act by engaging in indirect price fixing, and agrees to pay a penalty within 60 days of the confirmation date.
During last Thursday's hearing into the proposed settlement, the tribunal asked for certain changes to the consent agreement, including the insertion of a mechanism to ensure that the commission monitors the implementation of the terms of the settlement.
In December 2010, the commission reached a settlement with Sasol Polymers in which Sasol admitted that the supply agreement between itself and Safripol resulted in indirect price fixing.
Commission, Sasol settle for R111,6m
THE Competition Tribunal has confirmed the R111,6million settlement reached between the Competition Commission and Sasol Chemical Industries regarding the conduct of one of its divisions, Sasol Polymers, over price fixing.
In the agreement, Sasol admits to having contravened the Competition Act by engaging in indirect price fixing, and agrees to pay a penalty within 60 days of the confirmation date.
During last Thursday's hearing into the proposed settlement, the tribunal asked for certain changes to the consent agreement, including the insertion of a mechanism to ensure that the commission monitors the implementation of the terms of the settlement.
In December 2010, the commission reached a settlement with Sasol Polymers in which Sasol admitted that the supply agreement between itself and Safripol resulted in indirect price fixing.