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Wood panel company coughs up millions for anti-competitive practices

5 June 2019 7:44 AM
Tags:
Competition and Consumer Commission
Thembinkosi Bonakele heads Competition Commission
Sonae Arauco

Sonae Arauco has agreed to pay an administrative penalty of R46.9m following an investigation by the Competition Commission.

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.

Read: Competition Commission denies allegations of corruption

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:


5 June 2019 7:44 AM
Tags:
Competition and Consumer Commission
Thembinkosi Bonakele heads Competition Commission
Sonae Arauco

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