Tribunal to confirm bitumen settlement
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
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.