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Pioneer Foods Agree To Pay Penalty For Price Manipulation

It could be one of  the worst kind of cartel  meant for  price manipulation in bread industry  of South Africa .Pioneer foods and its partner colluded to prevent  small players  to enter bread market and thus charging higher price  from consumers .

A report

Economic Development Minister Ebrahim Patel told parliament yesterday that Pioneer Foods had struck a deal with the Competition Commission - the largest settlement in the history of the body involving a single company.
It terms of the deal, the company will pay a R250-million administrative fine to the national revenue kitty after admitting its role in the fixing of flour and bread prices, and in other cartel activities designed to fix the prices of poultry products.
He said the company, which also admitted to anti-competitive behaviour aimed at excluding smaller competitors from full participation in the market, would pay a further fine of R250-million which will be paid into an agro-processing competitiveness fund aimed at increasing competition in the food-processing sector.

Read more on
http://www.timeslive.co.za/local/article741344.ece/Pioneer-Foods-pays-up

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