Sasol

Sasol intensifies business review - Fay Hoosain, competition legal advisor

| Thu, 07 May 2009 08:09 In an interview on SAfm @ 18:15 on 6 April 2009

[miningmx.com] -- SASOL has intensified its review of business practices to weed out any collusive actions after it was hit with a second big fine, said Fay Hoosain, chief competition legal advisor to the group.

The South African Competition Commission and Sasol settled on a R188m fine for its cartel behaviour in the fertiliser business. This followed a fine by the European Commission in October last year of around R3.6bn for its behaviour in a paraffin cartel there.

Hoosain was asked on SAfm Market Update whether the review had uncovered any further examples of such behaviour within the company, which is a world leader in converting coal to liquid fuel.

"We've certainly intensified the review and, due to the outcomes that we have already received - and at this point we don't have anything that we are aware of - certainly we are still looking," Hoosain said.

"We will not rest until we are sure that this organisation is compliant, and that individuals within its employ take competition law seriously."

"One of the difficulties that we have is that a lot of this conduct took place in the 1990s and early 2000, so many of these individuals are no longer in the employ of Sasol. So we are dealing with trying almost to join the dots and work out exactly what happened and who was involved," Hoosain said.

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