The Competition Commission says the packaging group colluded to fix prices and a ‘cartel’ in the sector may have ‘endured for about 40 years’
Mpact’s shares fell 6.4% to R23.21 on Tuesday morning after SA’s Competition Commission said the packaging group had colluded to fix prices.
“The commission’s investigation found that from the 1980s to 2015, Mpact and New Era had an agreement not to compete with each other for customers for the supply of packaging paper products. They achieved this by agreeing to allocate customers and ensuring that they did not bid in competition with each other in respect of the allocated customers,” the commission said.
“We are extremely concerned about the pervasive nature of this conduct in the packaging sector,” said Competition Commissioner Tembinkosi Bonakele. “This affects most products, including the packaging of basic food stuff. It is largely the poor who bear the brunt of this manipulation of prices and division of markets.
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