Apollo Tyres To Pay $5.6M To Settle Cartel Claims

Law360, New York (November 14, 2011, 6:57 PM ET) -- Apollo Tyres South Africa (Pty) Ltd., formerly Dunlop Tyres International (Pty) Ltd., agreed to pay a $5.6 million fine to settle allegations that it conspired to coordinate price hikes as part of a tire manufacturers cartel, South Africa's competition watchdog said Thursday.

The Competition Commission said that Apollo admitted to taking part in the cartel, which allegedly agreed on pricing and price increases at "coffee table talks." The fine represents 4.75 percent of Apollo's total revenue in 2008, the regulator said.

The cartel operated from 1999...
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