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SOL
SOL
SOL - Sasol Limited - Sasol Nitro Settlement And Competition Law Compliance
Review
Sasol Limited
(Incorporated in South Africa)
Registration number: 1979/003231/06
ISIN Code: ZAE000006896
JSE Code: SOL
NYSE Code: SSL
("Sasol")
SASOL NITRO SETTLEMENT AND COMPETITION LAW COMPLIANCE REVIEW
The Competition Tribunal today confirmed the settlement agreement, reached
between the Competition Commission of South Africa and Sasol Nitro, a division
of Sasol Chemical Industries Limited, relating to its fertiliser and phosphoric
acid businesses.
The confirmation of the agreement has the effect of a full and final settlement
and conclusion of all proceedings between the Commission and Sasol Chemical
Industries Limited relating to any alleged contraventions by Sasol Chemical
Industries Limited (Sasol Nitro division) 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.
The remainder of the Nutri-Flo matter and the Profert matter, which deal with
allegations of abuse of dominance in the market place, form the subject-matter
of continuing engagement between Sasol and the Competition Commission.
The original settlement agreement, of 4 May 2009, was concluded with the
Competition Commission relating to alleged contraventions by Sasol Chemical
Industries Limited (Sasol Nitro division) 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 Limited agreed to pay an administrative penalty of R188, 01 million.
This agreement was subject to confirmation by the Competition Tribunal.
In the course of Sasol`s ongoing investigation into anti-competitive behaviour
within its fertilizer and phosphoric acid business, additional and relevant
information was uncovered last week, after intensive and repeated interviews
with employees and ex-employees. Sasol immediately reported the new information
to the Competition Commission.
In light of the new information, Sasol tendered an amendment to the previously
announced settlement agreement, to expand the scope of the admissions that Sasol
made in respect of the anti-competitive conduct in the fertilizer industry.
The Competition Commission agreed to the amendments regarding Sasol`s admission
of a contravention of the Act. It indicated the amendment would result in an
increase in the administrative fine, that Sasol agreed to pay in terms of the
original settlement agreement, from R188,01 million to R250,68 million.
"This is another milestone in a continuing process that was started in July last
year and we will not rest until we have cleaned out the cupboard entirely" Pat
Davies, Chief Executive, said.
The revised administrative penalty, agreed by Sasol and the Competition
Commission, was today confirmed at a sitting of the Competition Tribunal in
Pretoria. The amount must be paid within 60 days of the confirmation.
"As the chief executive, I, representing Sasol, accept full responsibility for
the wrongdoing and apologise, both singularly and collectively, to all those who
may have been impacted by the conduct of managers and employees within the Sasol
Nitro business unit in the early to mid-2000`s" Davies said.
20 May 2009
Johannesburg
Issued by Sponsor: Deutsche Securities (SA) (Pty) Limited
Disclaimer - Forward looking statements
In this announcement we make certain statements that are not historical facts
and relate to analyses and other information which are based on forecasts of
future results and estimates of amounts not yet determinable. These statements
may also relate to our future prospects, developments and business strategies.
Examples of such forward-looking statements include, but are not limited to,
statements regarding exchange rate fluctuations, volume growth, increases in
market share, total shareholder return and cost reductions. Words such as
"believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "endeavour" and "project" and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive means of
identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and there
are risks that the predictions, forecasts, projections and other forward-looking
statements will not be achieved. If one or more of these risks materialise, or
should underlying assumptions prove incorrect, our actual results may differ
materially from those anticipated. You should understand that a number of
important factors could cause actual results to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in such
forward-looking statements. These factors are discussed more fully in our most
recent annual report under the Securities Exchange Act of 1934 on Form 20-F
filed on 7 October 2008 and in other filings with the United States Securities
and Exchange Commission. The list of factors discussed therein is not
exhaustive; when relying on forward-looking statements to make investment
decisions, you should carefully consider both these factors and other
uncertainties and events. Forward-looking statements apply only as of the date
on which they are made, and we do not undertake any obligation to update or
revise any of them, whether as a result of new information, future events or
otherwise.
Date: 20/05/2009 14:09:07 Produced by the JSE SENS Department.
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