Corn milling company Brenner Mills has agreed to pay a fine of 12 million rand (US$929,800) after being found guilty of price fixing by the South African Competition Commission.
Brenner Mills Ltd, came clean to the Commission and admitted to colluding alongside other corn milling companies between 1999 and 2007 to fix the price of milled white corn as well as the dates when the new pricing would be implemented.
According to the Commission, milling companies involved in the cartel have collectively paid ZAR612 million (US$47.4 million) in fines since its workings were uncovered back in 2007.
The Commission says it has concluded various other settlements with other milling companies including Foodcorp Ltd, Pioneer Foods Ltd, Carolina Roller Meule Ltd, Keystone Milling Ltd, Bothaville Mills Ltd and Blinkwater Mills.
“The Commission will prosecute the remaining respondents, unless they come forward to take advantage of the settlement regime designed for firms involved in this cartel,” said the Commission’s Head of Communications, Sipho Ngwema.
Full Content: The New Age
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