Data provided by McGregor BFA
All data is delayed
Loading...
See More

Tribunal to confirm bitumen settlement

Jun 21 2010 16:51

Related Articles

New projects fuel bitumen demand

Minister warns about Sasol air

Watchdog fingers oil companies

Engen refinery runs on empty

West Africa wants SA chemicals

Sasol jobs under threat

 
Johannesburg - The Competition Tribunal will hear an application to confirm a negotiated settlement agreement between the Competition Commission and bitumen manufacturer Masana.

The hearing would take place on Wednesday, it said in a statement on Monday.

The settlement agreement related to price fixing of bitumen and bituminous products in South Africa. In its investigation the Competition Commission found Chevron, Engen, Shell, Total, Masana, Sasol [JSE:SOL] and Tosas had colluded in setting prices from around 2000 until at least December 2009.

Masana admitted contravening the Competition Act by meeting with its competitors and sharing competitively sensitive information. It had agreed to pay an administrative penalty of R13m as well as co-operate with the Competition Commission in its prosecution of any party in the complaint referral.

Masana would also circulate a statement summarising the contents of the settlement agreement to its staff. The company further undertook to develop a compliance programme, incorporating corporate governance, to ensure employees, management and directors did not engage in any prohibited practice.

  - Sapa

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Numsa prepares for life after Cosatu

Numsa has not only reiterated its call for President Jacob Zuma to resign but it is also preparing for life outside of Cosatu, a report states.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...