The wood panel company Sonae Arauco has agreed to pay an administrative penalty of R46.9m following an investigation by the Competition Commission.
The company admitted to price-fixing and collusive conduct in the wood-based commodity industry.
Competition Commission head of communications Sipho Ngwema says it is against the Competition Act for companies to decide amongst themselves on prices they are going to charge customers.
We are still investigating the matter with regards to PG Bison but we have concluded an agreement with Sonae Arauco, which is before the tribunal.— Sipho Ngwema, Communications head - Competition Commission
We are in discussions with the National Prosecuting Authority to look at all our cases in this regard and follow the law.— Sipho Ngwema, Communications head - Competition Commission
In fact, some of these cases are just common corruption and fraud.— Sipho Ngwema, head of communications - Competition Commission
To hear the rest of the conversation, listen below:
This article first appeared on CapeTalk : Wood panel company coughs up millions for anti-competitive practices