Law360, New York (November 02, 2010, 2:29 PM ET) -- South Africa's competition watchdog announced Tuesday that Pioneer Foods (Pty) Ltd. will pay 500 million rand ($72 million) to settle several antitrust cases, including claims that the food distribution company fixed prices for flour and maize in the country.
The settlement with the Competition Commission calls for Pioneer to pay 250 million rand as an administrative penalty and to spend another 250 million rand to establish the Agro-Processing Competitiveness Fund through the state-owned Industrial Development Corp. to offer favorable financing to small and midsize businesses in...
Pioneer Settles South African Cartel Cases For $72M
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