Penalties
levied by Competition Commission total R331m - 20
October
The competition commission levied penalties totalling a record
R331 million in the past financial year, the commissioner, Shan
Ramburuth, highlights in the commission's annual report released
on Tuesday. In addition, the commission, for the first time, laid
criminal charges against individuals who attempted to frustrate
its processes by providing false information or failing to appear
on a summons, Ramburuth adds. - Business
Report website
Let
Legal Aid Board use fines, MPs tell tribunal - 8 October
A portion of the hundreds of millions of rands paid in penalties
for contravening the Competition Act
should be used to fund legal action by the Legal Aid Board or a
consumer body on behalf of consumers, members of the portfolio
committee on trade and industry said yesterday. The Competition
Commission and the Competition Tribunal were presenting their
annual reports to Parliament. The committee was told that
companies had paid more than R331 million in administrative
penalties as a result of investigations undertaken by the
commission during its 2009 financial year. - Business
Report website
Pipe
producers face huge fines - 8 October
While municipalities battled over the past decade to deliver
sanitation and drinking water to millions of poor South Africans,
manufacturers colluded to drive up the price of pipes needed for
these services. An investigation by the Competition Commission
into the activities of certain major companies producing concrete
and plastic pipes has revealed evidence of secret cartel meetings.
Many of the companies are now negotiating with the commission, and
appear set to incur massive fines. - Times
Live website
Xstrata
walks away from Anglo bid - 15 October
Swiss-based miner Xstrata has announced that it has "no
intention" of making an offer for rival Anglo-American. In
June, Xstrata approached its rival with a view to a merger, but
Anglo-American rejected the proposal. At the beginning of this
month, the miner was ordered to make an official offer for Anglo
by 20 October by the UK's Takeover Panel. - BBC
News website
See
also : South
Africa. Communications