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JOHANNESBURG, June 5, 2014 /PRNewswire/ -- At the end of 2007, the South African Competition Commission ("the Commission") initiated an investigation into the country's polymers industry. The investigation included allegations of excessive pricing in the South African monomer and polymer industries.
The Commission's complaint was referred to the Competition Tribunal ("the Tribunal") in 2010, contending that Sasol Chemical Industries Limited (currently Sasol Chemical Industries (Pty) Limited), through its Sasol Polymers division ("SCI") had, between January 2004 and December 2007, charged excessive prices for polypropylene and propylene supplied in South Africa. The matter was ultimately heard by the Tribunal in 2013.
Earlier today, the Tribunal released its decision in respect of SCIs pricing of propylene and polypropylene. In its decision, the Tribunal found against SCI in relation to its pricing of both products, for the period in question.
In respect of purified propylene, the Tribunal imposed an administrative penalty of R205.2 million. In respect of polypropylene, the Tribunal imposed a penalty of R328.8 million. In addition, the Tribunal ordered a revised future pricing of polypropylene and propylene.
Sasol is currently reviewing the Tribunal's decision and considering the options available to it, including engaging with the relevant stakeholders on the way forward.
Sponsor: Deutsche Securities (SA) Proprietary Limited
Sasol Investor Relations Team
Tel.: +27 (0)11 441 3113
(JSE: SOL, NYSE: SSL)
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