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A year-long mission to eradicate anti-competitive behaviour within Sasol - Pat Davies, CEO In an interview on SAfm @ 18:25 on 19 January 2009 [miningmx.com] -- Sasol, which makes liquid fuel from coal, has uncovered instances of anti-competitive actions within the group, triggering an internal investigation and and a probe by the Competition Commission into the country's piped gas and petroleum industries. "We realised we needed a very vigorous and comprehensive review of all of our subsidiary businesses right over the world, so we've appointed four of the top legal firms in this country and two heavyweight overseas law firms to go through all of our businesses," Sasol CEO Pat Davies said on SAfm Market Update. "We started this in July last year and we'll be complete in the middle of this year," he said. "And it is to make sure that we as management take the company out of this situation that it finds itself in. There's no room in our value system for any non-complaint behaviour, so we are absolutely determined to remove it." In the spotlight are three Sasol business units: Sasol Gas, Sasol Nitro and Sasol Oil. The potential contraventions may be clear-cut illegal behaviour, but other contraventions are a lot more technically complex, where managers get tripped by legal complexities, said Davies. The impact of the potential fines against the three units has not yet been estimated. “We cannot make any provision at this time… You'd appreciate that the matters are complex, and it's very early in the process,” he said. “Hopefully in time we'll be able to look back and say, well, this was a turning point in the history of our company, and from now on we are stronger and wiser and fully compliant and we are confident that we are fully compliant in all our subsidiary businesses,” said Davies. Sasol has paid a €318m fine because of cartel behaviour in its European wax business. It is appealing against the size of the fine.
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