Competition commission fines Mpact R7m
DURBAN – The Competition commission has slapped Mpact with a R7million fine for its role in alleged acts of collusion and the implementation of merger acquisitions that are in contravention of the Competition Act.
Mpact, a leading paper and plastics packaging businesses in southern Africa, acquired control of several entities without the approval from the commission through its indirectly wholly owned subsidiary, Rebel Packaging.
The commission said Mpact has undertaken to pay a R7m penalty following an investigation initiated by the commissioner in May 2016. “In terms of the Competition Act, these acquisitions were notifiable mergers, meaning that they were supposed to be reported to the commission prior to implementation.
Mpact has admitted that this conduct contravened the Competition Act,” the competition commission said.
Mpact has admitted that this conduct contravened the Competition Act,” the competition commission said.
Source: iol.co.za
