Businesses in South Africa have been warned against colluding to fix prices, tenders or markets, as the provisions of the Competition Amendment Act come into effect.
Briefing the media on the outcomes of last week’s cabinet meeting, Minister in the Presidency for Planning, Monitoring and Evaluation, Jeff Radebe, announced that the provisions of the Competition Amendment Act – which came into effect on May 1– made it a criminal offence for directors and management to collude in the fixing of prices, tenders or markets.
“These provisions are part of measures to step up the fight against cartels that damage the economy and impose high prices on consumers. We call on businesses in South Africa to compete based on lower prices, more innovation, improved quality of goods offered or superior service to customers rather than on collusion,” Radebe said.
