AfriSam confirmed on 1 November that subject to the outcome of a Tribunal Hearing, the Company has entered into a consent agreement with the Commission to pay a fine amounting to 3% of its 2010 annual cement sales in the Southern Africa Custom Union (SACU).
"We co-operated fully with the Competition Commission investigation. To facilitate this process we conducted a systematic and comprehensive review of some of the company's business practices from a competition law perspective. We reported certain historical practices to the Commission," said Stephan Olivier, AfriSam's Chief Executive Officer.
"We are, of course, saddened and embarrassed by what has happened. I would like to say categorically that the AfriSam of today is an honourable and ethical company. I know that our people are fully committed to rigorous compliance with competition law. I have nevertheless made it clear that we will take swift action if there is the slightest suspicion of anti-competitive behaviour in the organisation."
Olivier said he wanted to assure the South African public that AfriSam had offered best quality goods and services for many years "and we will continue to do so in the future."