The Competition Commission has welcomed the decision by the Competition Tribunal to confirm, as an order, the consent agreement between the commission and a Japanese company, Sumitomo Electric Industries (SEI), for fixing prices, dividing markets and collusive tendering in contravention of the Competition Act.
SEI is the first out of 69 automotive component manufacturers to settle with the commission.
The automotive components manufacturers are being investigated for allegedly colluding on 301 tenders.
In terms of the order, SEI agreed to pay an administrative penalty of R437 278.38 within 30 days.