The Competition Tribunal has approved a settlement agreement between Cape Gate (Pty) Ltd and the Competition Commission for alleged anticompetitive practices in the South African long steel production market.
The agreement aims to settle the dispute between the Commission and Cape Gate, which alleges that Cape Gate violated the Competition Act by fixing prices, trading conditions, and dividing the market for long steel products.
Cape Gate agrees to pay an administrative penalty of R1,375,344.32, but does not admit to any contravention of the Act. The agreement also includes a commitment to refrain from future anti-competitive conduct and to develop a competition law compliance program as part of its corporate governance policy.
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