Sasol fine. This is not good and not the ja no well fine. Pat Davies must be outraged and must be thinking of throwing cell phones, the kind of behaviour that ditsy supermodels like Naomi Campbell display. Obviously no dirty little stones and testimony at war crimes tribunals at The Hague, but the competitions authorities investigating the company again is making one tired. This time at Sasol Chemical Industries or SCI, which you must remember includes some big European businesses. According to the Sasol website, SCI ".. is the world's largest producer of chemicals from synthetic fuel co-products."
Sasol say from their SENS announcement yesterday, in terms of the turnover of SCI (the chemicals cluster): "...excluding transfers to the Sasol Group for the 2009 fiscal year was R22,13 billion." So a maximum fine would be unbearable. But Sasol clarify how these pricing agreements were reached a long time ago: "The Competition Commission's allegation of collusion relates to an agreement of the Sasol Polymers division of SCI with Safripol, which was structured at the behest of the former Competition Board following the formation of Polifin (the Sasol/AECI joint venture) in 1994. The agreement was structured to ensure Safripol`s ongoing access to propylene supply at a market-related price." Well, sounds like something that Arcelor Mittal use for their steel pricing.