Court overturns fine over Sasol chemical pricing

Johannesburg - The Competition Appeal Court overturned a decision to fine Sasol [JSE:SOL] for overcharging customers for chemicals, according to Mava Scott, a spokesperson for the anti-trust regulator.

The Competition Commission, which lodged the complaint against Sasol after an investigation into overpricing in the polymer industry, is “taking time to study the judgment with a view to decide on the course forward”, Scott said on Wednesday in a text message.

The Competition Tribunal in June 2014 imposed fines totaling R534m in a case related to excessive pricing of polypropylene and propylene between 2004 and 2007, according to a statement on Sasol’s website.

The chemicals are used to make rigid plastics products from chairs to bottle tops.