R/€ = 14.22
R/$ = 11.16
Au 1240.10 $/oz
Pt 1243.50 $/oz
Nov 29, 2007
Automotive fastener firms found guilty of fixing trading conditionsBack
Africa|CBC Fasteners|Koninklijke Nedschroef Holding NV|Nedschroef|Africa|South Africa|Automotive|Owned Subsidiary|Competition Commission|Koss R-200 Consumer Headphones|R300
© Reuse this 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© Reuse this Comment Guidelines (150 word limit)
Updated 2 hours 38 minutes ago A former employee of the Manufacturing, Engineering and Related Services Sector Education and Training Authority (Merseta) and his accomplice have each been sentenced to 20 years imprisonment after being found guilty of fraud by the Specialised Commercial Court, in...
Updated 2 hours 48 minutes ago The Richards Bay Bulk Terminal, in KwaZulu-Natal, loaded 1.49-million tons of cargo in September, exceeding its monthly target of 1.32-million tons, Transnet Port Terminals (TPT) said on Monday. TPT said the reaching of vessel targets ahead of deadline created...
Updated 2 hours 55 minutes ago The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted on Monday that recommendations were being considered to “detect and...
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
This Week's Magazine
The broad-based black economic-empowerment (BBBEE) alignment process in the con-struction sector has begun, dur-ing which the sector codes of the Construction Sector Charter Council (CSCC) will be aligned with the revised Codes of Good Practice (CoGP), which come...
It is second time lucky for Toby Venter. Ten years ago he negotiated to buy the Kyalami racetrack, but “the deal did not materialise”.
Environmental solutions company I-Cat started construction work on its R22-million, 1 949 m2 environmentally sustainable office and warehouse facility, commissioned by I-CAT Environmental Solutions, at a launch event in October. The new sustainable I-CAT campus,...
Effective file synchronisation and sharing across an organisation’s structures can provide the basis for robust mobile-device and document management while maintaining proper backup, version control and content distribution. These are the lessons learned by complex...
Hotel group Carlson Rezidor currently holds the largest hotel pipeline in Africa with 30 hotels and 6 300 rooms under development. The hotel group develops and operates Radisson Blu in the upper upscale segment and Park Inn by Radisson in the mid-market segment. With...