Tiger Consumer Brands Ltd. has settled charges brought by the South Africa Competition Commission that the company colluded with others to fix prices in the bread and milling markets. As part of the consent order, Tiger Brands has agreed to assist the Commission in its ongoing investigation of price fixing in the industries, to circulate a memorandum to all its bread and milling business employees which gives the details of the consent order, to implement a business-wide compliance program, and to pay a ZAR98.8 million (approximately US$14.8 million) administrative penalty. The administrative penalty equals approximately 5.7 percent of the annual turnover of Tiger Brand’s bread operations in 2006. The Competition Tribunal, which approved the consent order, is authorized to impose a penalty of up to 10 percent of a firm’s annual turnover.
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Tiger Brands settles price-fixing charges
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