Unsaturated polyester resin manufacturer NCS Resins has agreed to pay a R29.7-million fine for alleged price-fixing and market division.
The Competition Commission has referred the matter to the Competition Tribunal for approval.
As part of its settlement agreement with the commission, NSC has agreed to cooperate with the commission’s investigation and the firm will set up a competition law compliance programme as part of its corporate governance policy.
This agreement follows an investigation that was launched in July last year, which found that NCS had allegedly colluded with Scott Bader to fix the price of resins, ancillaries and catalysts and divide the market by allocating customers.