Tribunal accepts Sasol price-fixing settlement
The Competition Tribunal has confirmed the R111.6-million settlement between the Competition Commission and Sasol Chemical Industries regarding price-fixing by one of the Sasol company's divisions, Sasol Polymers.
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 Thursday's hearing on the proposed settlement, the tribunal asked for certain changes to the consent agreement, including the insertion of a provision that would ensure that the commission monitors the implementation of the settlement.
In December, the commission reached a settlement with Sasol Polymers in which Sasol admitted that the supply agreement between it and Safripol resulted in indirect price fixing.
In its investigation, the Competition Commission found that Sasol and Safripol engaged in collusive conduct as a result of the implementation of a supply agreement, including the operation of a pricing formula and the exchange of information relating to the pricing of polypropylene.
Sasol Polymers and its polypropylene products contributed 3% to Sasol's 2009 total annual turnover.