Karan Beef raided by the Competition Commission for alleged price fixing
There is no collusion to fix prices in its industry‚ Karan Beef said on Monday‚ after its head office was raided by the Competition Commission as part of an investigation into allegations of price fixing.
“I am surprised that the Competition Commission initiated this investigation. I don’t believe that there is any collusion to fix prices either in the purchase of weaner calves‚ or in the sale of our beef products. If anything‚ Karan Beef is in fierce competition with other producers in the beef industry implicated in this investigation‚” said Arnold Pretorius‚ CEO of Karan Beef.
Pretorius added‚ however‚ "I respect the work of the Competition Commission to protect South African consumers‚ particularly those most vulnerable to food inflation."
Karan Beef said in a statement it has co-operated fully with the Competition Commission’s investigation and provided all the documents and any information that they required. The Competition Commission officials arrived at Karan Beef’s head office on Wednesday‚ 14 June 2017‚ to start their investigation into allegations of price fixing in the beef industry.
Karan Beef‚ established in 1974‚ is committed to the long-term sustainability of the industry‚ it said. "We pride ourselves on a business that was built on fair and ethical business practices. The trust of our suppliers and our customers is of great importance to Karan Beef. Ultimately supply and demand determines the price of weaner calves and beef products."