Telkom set to pay R449m anticompetitive fine
Embattled telecommunications group Telkom on Tuesday yielded to its R449-million fine handed down by the Competition Commission in August last year.
In August, the Competition Tribunal found Telkom guilty of charging excessive prices and engaging in uncompetitive behaviour between 1999 and 2004. The group appealed the fine.
Telkom and the Competition Commission, which have been engaging in appeals and cross-appeals regarding the ruling by the commission, withdrew their respective bids in March.
The Competition Appeal Court this week approved the withdrawal decisions by the parties.
Telkom would now pay 50% of the fine within six months and the balance within 18 months of the withdrawal.
Provision was made for these amounts in the company's reported results for the six months to September 30, 2012.
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