R/€ = 13.15
R/$ = 11.65
Au 1283.66 $/oz
Pt 1240.50 $/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)
Recent Research Reports
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
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.
This Week's Magazine
The international Square Kilometre Array (SKA) radio telescope – which is to be jointly hosted by South Africa and Australia with, later, outstations in other countries – may not yet exist, but international scientific working groups are already deciding what...
A free Web-based solar power plant capacity-planning tool offers project planners and developers, as well as governments, a means to assess the solar energy potential of thin-film solar PV power over an area of land. The tool was developed by thin-film solar...
As yet, no specific methodology, timeline or costs have been finalised to remedy the water ingress, excessive to contractual specifications, into the Gautrain tunnel between emergency shaft two (E2) and Park Station, says Bombela Concession Company technical and...
The “seriously disruptive” electricity outages in South Africa have cost packaging group Astrapak more than R2-million in “irrecoverable downtime costs”, the company said on Monday, adding that the power cuts were negating some of the benefit of energy saving...
Bakkies and more affordable cars dominated South Africa’s new vehicle market in 2014. Unaudited data from the Department of Trade and Industry (DTI) shows that South Africa’s most popular vehicle in 2014 was the Toyota Hilux, selling 37 562 units.