2 October 2008
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Johannesburg — SASOL says it is shocked - no really - shocked at being fined R3,7bn by the European Commission for fixing prices and carving up paraffin wax markets.
Well, it's not impossible management in Johannesburg did know about the Blauer Saloon - the name of the hotel bar in Hamburg, Germany, where initial meetings of executives from the seven companies involved were held.
They say they just don't understand but really, one must say if they don't, the problem could be their lack of comprehension, not the commission's .
The fine is not huge compared with last year's profit of R33,5bn but the fine imposed on Sasol was larger than the fine imposed on all the other players put together. That suggests who, in the commission's mind at least, the ringleaders were.
Competition Commissioner Neelie Kroes hoped the fines would encourage management to look very carefully at what staff were doing, and that shareholders would look very carefully at what management was doing. In other words, take the wax out of your ears.
The Bottom Line is Edited By Edward West
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