Tyre cartel uncovered by Competition Commission
The Competition Commission says it has submitted a complaint of price fixing, information exchange and market allocation to the Competition Tribunal. The allegations were against the SA Tyre Manufacturers' Conference (SATMC) and tyre manufactures and suppliers, Apollo Tyres, Goodyear, Continental Tyre SA and Bridgestone SA. The investigation came in 2008 after someone complained to the commission that the tyre manufacturers adjusted their prices around the same time and within the same parameters. Bridgestone broke ranks first and agreed to tattle in exchange for conditional immunity from prosecution. According to the company, the cartel members spoke on the telephone periodically from 1999 to 2007 and agreed to co-operate to stabilise the market. The commission is asking the tribunal to give an administrative penalty of up to 10% of turnover revenue for each party. Keep in mind though, that not all price fixing is illegal. Read more: Sapa, via TimesLive
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