R53 mln fine for fixing

2008-05-09 00:00

Johannesburg — Tiger Brands CEO Peter Matlare says the firm is "upset and embarrassed" by Adcock Ingram Critical Care’s (AICC’s) involvement in collusion, for which it will pay a R53 million penalty.

The Competition Commission said the penalty it imposed on AICC equates to eight percent of the division’s annual turnover, and that the penalty is the highest imposed by it to date — in percentage terms — for collusive behaviour. The commission has referred the matter to its sister body, the Competition Tribunal, to confirm the order.

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