13th maize company settles over price fixing | Fin24
 
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13th maize company settles over price fixing

Mar 13 2019 14:52

The Competition Tribunal on Wednesday confirmed a settlement agreement between the Competition Commission and Paramount Mills.

In terms of the settlement agreement, the milling company admits to cartel involvement and agrees to pay a fine of R1.3 million.

Paramount admits that it agreed with its competitors to fix prices for milled white maize products and fix trading conditions from 1999 to 2006.

According to the settlement papers, representatives of Paramount attended meetings and engaged in telephone conversations with competitors in this regard.

Among other things it was agreed to directly fix the selling price of milled white maize products; directly fix dates on which such agreed price increases were to be implemented; and exchange information about their pricing structures.

In a statement issued on Wednesday the Tribunal says Paramount is the 13th maize company that has entered into an agreement with the Commission in this case.

Paramount has also agreed to fully cooperate with the Commission in the prosecution of the remaining two companies accused of having been involved in cartel activities.

Previous settlements in the maize cartel case:

maize case

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