South African Cement Co. Stuck With $15M Cartel Penalty

Law360, New York (November 1, 2011, 3:13 PM EDT) -- South Africa's competition regulator on Tuesday announced that it has reached a $15.5 million settlement agreement with a cement producer that admitted its involvement in an industrywide cartel in the country.

The Competition Commission of South Africa said that Johannesburg-based Afrisam Ltd. has agreed to pay the penalty in response to allegations that the company conspired with three other industry peers to fix the price of cement.

The penalty, which constitutes 3 percent of Afrisam's 2010 revenue figures in the South African Customs Union, “is a...
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