JOHANNESBURG, July 13 (Xinhua) -- The South African Competition Commission fined two chemical companies Investchem and Akulu Marchon on Thursday for price fixing and dividing markets.
Investchem was slapped a penalty of 1.8 million U.S. dollars while Akulu will pay 1.1 million dollars. Between 2003 and 2013, the two companies agreed to fix prices for surfactants. They also agreed to divide the market by agreeing not to pursue each others' customers..
"Two companies have agreed to pay fines after admitting to price fixing and dividing markets," said the Competition Commission in a statement.
Surfactants are used to make detergents, cosmetics, wetting agents, emulsifiers, foaming agents and toiletries. The Commission conducted a search and seizure in December 2014 at the two companies to investigate collusion.
"Both Investchem and Akulu have agreed to future conduct that ensures this cartel conduct does not recur and that their respective customers are treated fairly without discrimination," said the Competition Commission. Enditem
