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Sasol Competition Tribunal appeal
As previously reported, on 5 June, 2014, the Competition Tribunal ("the Tribunal") released its decision in respect of Sasol Chemical Industries (Pty) Ltd. (previously Sasol Chemical Industries Ltd.'s) ("SCI") pricing of propylene and polypropylene. This matter has its origin in the investigation into the South African polymer industry that was initiated in 2007 by the Competition Commission.
In its decision, the Tribunal found against SCI in relation to its pricing of both propylene and polypropylene, for the period January 2004 to December 2007. After a review of the Tribunal's findings, SCI has decided to lodge an appeal against the decision with the South African Competition Appeal Court ("CAC"). The notice of appeal will be filed with the CAC on 27 June 2014.
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Sasol plans saving with new operating plan
Business Day reported that Sasol will put in place a new operating model with two upstream business units, three regional hubs and four customer-focused business hubs in July. Sasol expects the business improvement programme will cost about R1.1 billion this year but it should generate sustainable savings of about R3 billion a year from 2016.
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Sasol decision by Tribunal
At the end of 2007, the South African Competition Commission ("the Commission") initiated an investigation into the country's polymers industry. The investigation included allegations of excessive pricing in the South African monomer and polymer industries.
he Commission's complaint was referred to the Competition Tribunal ("the Tribunal") in 2010, contending that Sasol Chemical Industries Limited (currently Sasol Chemical Industries (Pty) Limited), through its Sasol Polymers division ("SCI") had, between January 2004 and December 2007, charged excessive prices for polypropylene and propylene supplied in South Africa. The matter was ultimately heard by the Tribunal in 2013.
Earlier today, 5 June 2014, the Tribunal released its decision in respect of SCIs pricing of propylene and polypropylene. In its decision, the Tribunal found against SCI in relation to its pricing of both products, for the period in question.
In respect of purified propylene, the Tribunal imposed an administrative penalty of R205.2 million. In respect of polypropylene, the Tribunal imposed a penalty of R328.8 million. In addition, the Tribunal ordered a revised future pricing of polypropylene and propylene.
Sasol is currently reviewing the Tribunal's decision and considering the options available to it, including engaging with the relevant stakeholders on the way forward.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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