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Sasol - farmers moot civil suit
Sasol could face civil action from Grain SA and agricultural union TAU SA before the end of the year as farmers demand compensation for Sasol's price-fixing activities because they suffered the most. Corne Louw, a senior economist at Grain SA, confirmed yesterday that TAU SA and Grain SA were thinking about a civil action against Sasol. Pat Davies, Sasol's chief executive, admitted that the company was expecting civil claims after it agreed to pay an increased fine of R251 million for breaking anti-collusion rules.
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Sasol's fine confirmed
The Competition Tribunal has confirmed a consent order agreement (settlement agreement) between the Competition Commission and Sasol Chemical Industries. Sasol has admitted to contravening Section 4(1)(b) of the Competition Act and has agreed to pay a penalty of R250 680 000 which represents 8% turnover of the Sasol Nitro Division.
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Sasol's settlement with commission amended
Since the previously announced settlement agreement was concluded with the Competition Commission ("the commission") in respect of competition law contraventions in the fertilizer and phosphoric acid businesses of Sasol Nitro, Sasol has continued its internal investigations. It is only now after intensive repeat interviews with employees and former employees that additional new information relevant to one of the previously announced contraventions in the fertilizer business has been uncovered. Sasol tendered the information to the commission as soon as it was verified, in line with its commitment to co-operate with the commission.
In view of the new information Sasol tendered an amendment to the settlement agreement to expand the scope of the admissions that Sasol made in respect of the anti-competitive conduct in the fertilizer industry. The commission agreed to the amendments, but indicated that the amendment would require an increase in the administrative fine that Sasol agrees to pay in terms of the settlement agreement from R188.01 million to R250.68 million. The information changed the commission's view of the nature and seriousness of one of the matters covered by the settlement agreement. The settlement agreement was amended yesterday to reflect these changes and submitted to the Competition Tribunal for confirmation. The application for confirmation of the settlement agreement will be heard by the Competition Tribunal tomorrow, Wednesday 20 May 2009.
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Sasol - nitro settlement
Sasol announced in January 2009 that as part of the group's ongoing legal compliance programme Sasol Ltd had initiated a comprehensive competition law compliance review of all Sasol businesses in July 2008. As previously announced Sasol will, in the course of conducting the competition law compliance review, adopt appropriate remedial steps and make disclosures on material findings and developments as and when appropriate. These activities are still in progress across all of Sasol's businesses.
These discussions with the competition commission have progressed to the extent that a settlement agreement has been concluded with the competition commission. Subject to confirmation by the competition tribunal, the agreement will have the effect of a full and final settlement and conclusion of all proceedings between the commission and Sasol chemical Industries Ltd relating to any alleged contraventions by Sasol Chemical Industries Ltd of section 4(1)(b) (prohibiting collusive conduct) of the South African Competition Act that were the subject of the commission's investigations in respect of the Nutri-Flo matter and the phosphoric acid investigation . In terms of the agreement Sasol Chemical Industries Ltd will pay an administrative penalty of R188, 01 million. Provisions raised this financial year are sufficient to cover this administrative penalty. Steps have been taken by Sasol Nitro to address these areas of non-compliance. The allegations by the competition commission relating to excessive pricing and exclusionary conduct flowing from the Nutri-Flo and Profert complaints are not, however, part of the settlement agreement.
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Sasol - settlement of fertiliser case
Sasol Chemical Industries Ltd has settled two fertiliser cases with the competition commission, admitting it contravening section 4(1)(b) of the competition act prohibiting cartel conduct. Sasol agreed to pay a penalty of R188 010 000. This agreement is subject to confirmation by the competition tribunal.
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