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Johannesburg - Consumer foods maker Foodcorp, which accepted a 45.4 million rand fine for its role in the bread cartel scandal, on Tuesday denied taking part in any market division activity, despite the Competition Commission's finding that it had.
Foodcorp, controlled by Pamdozi Investments, was one of the four companies implicated in allegations that they fixed the price of bread and allocated one another areas where they would distribute the staple food product.
Foodcorp, home to Sunbake bread and Nola mayonnaise, admitted guilt on bread price fixing charges, but denied playing a part in any illegal market allocation activity.
"Foodcorp categorically denies any charges of wrongdoing in this area. Any bakery closures were based purely on the continual decline in the viability of running them," said Foodcorp CEO Justin Williamson in statement.
But Foodcorp will not contest the market allocation charges, and Pioneer Foods (PFG) remains the sole respondent on the case.
The Competition Tribunal on Tuesday sanctioned the settlement agreement between Foodcorp and the Competition Commission. In terms of the agreement, Foodcorp will pay R45.4m fine and help the commission in the prosecution of any other cartel members.
- I-Net Bridge