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Sasol - changes to the board
Sasol announced the appointment of Mr Gregory Arthur (Greg) Lewin as a non-executive director of the company with immediate effect.
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Sasol will not have to pay fine
The Commission refers its price fixing findings against major oil companies The Competition Commission today referred to the Tribunal its findings of price fixing in the supply of bitumen against Chevron SA (Pty) Ltd ("Chevron"), Engen Ltd ("Engen"), Shell SA (Pty) Ltd ("Shell"), Total SA (Pty) Ltd ("Total"), Masana Petroleum Solution (Pty) Ltd ("Masana"), Southern African Bitumen Association ("SABITA"), Sasol Ltd ("Sasol") and Tosas (Pty) Ltd ("Tosas"), to the Tribunal for adjudication. Bitumen is a residual fraction of crude oil. Bitumen and modified bitumen products are mainly used in road construction to tar and rehabilitate roads, which is mainly sold to government entities.
The Commission initiated this investigation on 12 January 2009, following an application for leniency by Sasol and its subsidiary Tosas. In its application Sasol admitted that together with its subsidiary, Tosas, it had colluded with its competitors and was granted conditional immunity from prosecution provided it cooperates with the Commission in its investigation and prosecution. The Commission has asked the Tribunal to impose an administrative penalty of 10% on each of the firms involved, except for Sasol and Tosas. Settlement terms have been agreed in principle with Masana whereby it (Masana) admits guilt and will pay an administrative penalty of R13 million. The settlement agreement will be referred to the Tribunal for confirmation shortly. In its investigation the Commission found that the respondents engaged in collusive conduct from around 2000 until at least December 2009. The respondents collectively determined and agreed on pricing principles, including a starting reference price and monthly price adjustment mechanism. This was facilitated through meetings convened by SABITA, as well as through correspondence through SABITA and direct communication between oil companies. The conduct resulted in final customers being charged prices which were not competitively determined.
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