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But it’s no sure thing, though, after the Competitions Commission’s reputation took a knock last week when the courts overturned the R534m fine it levied on oil-from-coal producer Sasol.
– Alec Hogg By Franz Wild and Chris Spillane (Bloomberg) — For evidence of collusion, South Africa’s antitrust boss needn’t stray far from his Pretoria office.
Standing on a third-floor landing looking across a grand government campus in South Africa’s capital, Tembinkosi Bonakele, 39, slips a hand in his pocket and laughs as he says that the headquarters of the Competition Commission was built by a construction cartel he investigated and successfully fined.
“It was a bit embarrassing for the DTI,” says Bonakele, referring to the Department of Trade and Industry, which commissioned the building.
The probe into collusion among builders resulted in a combined 1.5 billion rand ($123 million) penalty — the authority’s largest — for 15 South African construction companies in 2013, including Murray & Roberts Holdings Ltd. Since its inception in 1998, the Commission has also extracted financial penalties from steelmaker Arcelor Mittal South Africa Ltd. Those successes have helped establish the reputation of an organization now taking on some of the world’s biggest banks in a currency rigging probe that Bonakele announced May 19.