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Johannesburg - The Competition Tribunal has confirmed the R111.6m settlement reached between the Competition Commission and Sasol Chemical Industries regarding the conduct of one of its divisions, Sasol Polymers, over price-fixing.
In the agreement, Sasol [JSE:SOL] admits to having contravened the Competition Act by engaging in indirect price-fixing, and agrees to pay a penalty within 60 days of the confirmation date.
During last Thursday's hearing into the proposed settlement, the tribunal asked for certain changes to the consent agreement, including the insertion of a mechanism to ensure that the commission monitors the implementation of the terms of the settlement.
In December 2010, the commission reached a settlement with Sasol Polymers in which Sasol admitted that the supply agreement between itself and Safripol resulted in indirect price-fixing.
In its investigation, the commission found that Sasol and Safripol engaged in collusive conduct as a result of the implementation of the supply agreement, including the operation of the pricing formula and the exchange of information relating to the pricing of polypropylene.
In the agreement, Sasol [JSE:SOL] admits to having contravened the Competition Act by engaging in indirect price-fixing, and agrees to pay a penalty within 60 days of the confirmation date.
During last Thursday's hearing into the proposed settlement, the tribunal asked for certain changes to the consent agreement, including the insertion of a mechanism to ensure that the commission monitors the implementation of the terms of the settlement.
In December 2010, the commission reached a settlement with Sasol Polymers in which Sasol admitted that the supply agreement between itself and Safripol resulted in indirect price-fixing.
In its investigation, the commission found that Sasol and Safripol engaged in collusive conduct as a result of the implementation of the supply agreement, including the operation of the pricing formula and the exchange of information relating to the pricing of polypropylene.
