R/€ = 16.31
R/$ = 14.22
Au 1292.99 $/oz
Pt 1079.50 $/oz
Nov 29, 2007
Automotive fastener firms found guilty of fixing trading conditionsBack
Automotive fastener companies CBC Fasteners and Nedschroef have contravened South Africa’s Competition Act by fixing trading conditions, the Competition Commission said this week.
The antitrust body said that CBC Fasteners has engaged in the fixing of trading conditions and divisions of markets. It also said that Nedschroef, a wholly owned subsidiary of Koninklijke Nedschroef Holding NV, engaged in the fixing of trading conditions and division of markets by agreeing in its sale agreement with Teamcor, which sold and produced fasteners, to various undertakings, such as product, customer and market allocation.
Nedschroef would pay an administrative penalty of R200 000 to the commission, and CBC Fasteners R300 000.
The companies would now have to provide copies of the consent order to each of its present directors, and during the five-year period following the confirmation of the order, it would have to provide a copy to any future director on his or her appointment.
They were also requested to institute a compliance programme designed to ensure that employees were informed about its obligations under Competition Law and the existence and substance of the order.
This compliance programme would also be submitted to the commission.
Edited by: Creamer Media Reporter
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