|
|
Sasol -- European court reduces fine
In October 2008, the European Commission imposed a fine of EUR 318.2 million on Sasol Wax GmbH and other Sasol group companies, including Sasol for Sasol Wax's involvement in the European paraffin wax cartel. The fine was paid in full by Sasol in January 2009. Sasol viewed the fine as excessive and, in December 2008, applied to the European General Court in Luxemburg for a reduction of the fine. Today, the European General Court reduced the fine by an amount of EUR 168.22 million to EUR 149.98 million. The European Commission has the right to appeal the decision.
In 1995, Sasol became a co-shareholder in an existing wax business located in Hamburg, Germany, owned by the Schümann group. In July 2002, Sasol acquired the remaining shares in the joint venture and became the sole shareholder of the business. Sasol was unaware of any cartel activities, before the European Commission commenced its investigation into the European paraffin wax industry in April 2005.
Sasol will account for this as a post balance sheet adjusting event. The effect of the reduced fine will be accounted for in Sasol's FY14 income statement.
|
|
Click here for original article
|
| |
Sasol Mozambique gas project
Business Day reported that Sasol is the second company to agree with Mozambican authorities to undertake a study into building a gas-to-liquid fuel project in the country. Sasol announced to the market that it would undertake a joint pre-feasibility study into the plant with Mozambique's state-owned oil company Empresa Nacional de Hidrocarbonetos and Italian multinational Eni. The plant will primarily produce diesel. The size, location, cost and timing of the plant would all be determined during the course of the study, said Sasol spokesman Alex Anderson. He added that the study would investigate both Mozambican as well as South African demand.
|
| |
| |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
