The Competition Tribunal has confirmed a settlement agreement between the Competition Commission and Paramount Mills, in which the milling company admitted to its involvement in a cartel and agreed to pay an administrative penalty of just over R1.3-million.
According to the settlement agreement, Paramount must pay half of the penalty within ten days, with the balance to be paid in 12 equal instalments, with the last instalment payable on or before January 31, 2020.
The maize company had admitted that it had agreed with its competitors to fix prices for milled white maize products, as well as to fix trading conditions, from 1999 to 2006.
There are two remaining respondents in this matter, and Paramount has agreed to cooperate with the commission in the prosecution of the remaining respondents.
Twelve other companies have been fined a collective penalty of over R152.6-million for their involvement in the cartel.