Sasol seeks to improve competition compliance systems

30-Nov-09
Sasol- South African petrochemical group, has committed itself to further enhance its competition law compliance processes and systems, saying it had mandated its executive management to do so. The company noted in a statement at its annual general meeting on Friday that the board of directors regretted instances of collusion that occurred in the Sasol Wax GmbH and Sasol Nitro businesses. Sasol Wax GmbH had, in October last year, been fined €318-million, or R3,8-billion, for violating the European Union competition law. In May, Sasol also agreed to pay a R188-million fine, admitting that its fertiliser unit, Sasol Nitro, had contravened the South African Competition Act. This fine was the highest settlement reached with the South African Competition Commission, to date. It added that it was in support of the remedial steps that were being taken and that it believed the implemenation of these measures would augment the competition law compliance processes of the group. >
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