Lafarge arrives at settlement with Competition Commission of South Africa
Lafarge, South Africa has arrived at a settlement with the Competition Commission of South Africa for being a part of a cement cartel.
As per the settlement, Lafarge will pay an administrative penalty of ZAR 149m or 6 percent of its 2010 turnover in the South African Customs Union (South Africa, Botswana, Lesotho, Swaziland and Namibia). The settlement comes in the wake of an agreement reached by the Commission with AfriSam, which is scheduled to pay a fine of ZAR125m or 3 percent of its turnover in the same period.
The commission will also be pursuing the case against Natal Portland Cement. Earlier, indications were to take both Lafarge and NPC to the tribunal as both the companies were not involved in further settlement talks. However, with the agreement with Lafarge, NPC will be solely facing the tribunal.