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Cape Town - Over the weekend agricultural organisations welcomed the news that Sasol was prepared to consider claims for compensation for excessive fertiliser prices arising from collusion between fertiliser groups.
Sasol will look at valid, properly quantified claims against the company for anti-competitive behaviour, said chief executive Pat Davies on Friday at the group's annual general meeting, according to the Bloomberg news service.
Davies added that Sasol is currently instituting disciplinary steps against staff who contravened competition legislation. The steps include dismissal, fines and suspension.
Bennie van Zyl, general manager of agricultural organisation TAU SA, told Sake24 that he would appreciate a settlement between Sasol and farmers who had been injured by excessive fertiliser prices. The Competition Commission has already fined Sasol R250m for anti-competitive behaviour at Sasol Nitro, which manufactures fertiliser. The offences occurred between 1998 and 2004.
According to investigations by TAU SA, in some cases farmers had overpaid by as much as 35% for fertiliser, said Van Zyl.
TAU SA is currently inviting farmers nationwide to indicate whether they are interested in a class action to demand compensation from Sasol. According to Van Zyl, several enquiries have already been received.
Grain SA chairperson Neels Ferreira responded to enquiry by saying the significance of Davies' remark is that the door was open for farmers to submit claims.
He reckoned that individual farmers would have to prove how much damage they had suffered.
At the company's annual general meeting the Sasol board again apologised for the collusion that had taken place at Sasol Nitro and its European Sasol Wax subsidiary.
The wide-ranging internal investigation into compliance with competition law initiated at all business units in July 2008 has been completed and corrective actions taken to improve compliance processes.
Sasol reports that there are issues still being examined.
At the beginning of this year the Competition Commission announced that an investigation had been launched into the market for certain petroleum products.
On Friday Sasol's share price fell R7, or 2.36%, to R290.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.