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Firms agree to competition penalty for unintentionally contravening the Competition Act

By:  
Creamer Media Senior Contributing Editor
 
COMPETITION MATTERS
The Competition Tribunal has confirmed, as an order, a consent agreement wherein four firms admit that they unintentionally contravened the Competition Act, specifically that parties to a large merger may not implement that merger until it has been approved, with or without conditions, by the Competition Commission. The parties were said to have implemented a transaction prior to the approval of the transaction by the commission and agreed to jointly pay an administrative penalty of R1.49-million.
 
 
 
 
 

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