The amendments to the Competition Act, 1998, which introduce criminal liability for cartel conduct, came into effect on 1 May 2016.
The amendments introduced criminal liability for directors and individuals with ‘management authority’ who are responsible for – or knowingly acquiesce – in cartel conduct. Cartel conduct includes the fixing of prices and trading conditions, market division, and collusive tendering. Staff members at all levels in the management chain (not only directors) are potentially at risk of prosecution in terms of these provisions.
One wonders where we are moving to in South Africa insofar as the criminal provisions of the Competition Act, 1998 are concerned.
A fascinating interview with Ahmore Burger-Smidt, Director, Werksmans Attorneys, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the criminal provisions of the Competitions Act and how contraventions could lead to prison time.
Across the continent however, on Thursday 19 July 2018, former traders, Philippe Moryous and Christian Bittar, were found guilty of plotting to rig a key interest rate benchmark and were sentenced by a London criminal court to more than…
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Read this article by Ahmore Burger-Smidt, Director, Werksmans Attorneys, as well as a host of other topical management articles written by professionals, consultants and academics in the October/November 2018 edition of BusinessBrief.
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