S.Africa's Shoprite to appeal $1.4 million competition fine [Reuters]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
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Source: Reuters
S.Africa's Shoprite to appeal $1.4 million competition fine | Reuters 2 Min Read JOHANNESBURG, Jan 21 (Reuters) - South Africa’s Shoprite said on Monday it would appeal against a 20 million rand ($1.4 million) fine handed to its ticket-selling subsidiary by the country’s Competition Tribunal, which found agreements signed by the firm had hit competition. The judgment was announced ahead of a similar case that is currently before the tribunal, which relates to a later time period and is more serious because the company is included as a respondent and it carries a recommended fine of 10 percent of the turnover of Shoprite’s retail unit. The initial case, covering 1999-2012, was referred to the tribunal in 2010 after five rivals of ticket seller Computicket, owned by Shoprite since 2005, complained the business abused its dominance by signing exclusive agreements with clients. “There is sufficient ... evidence to suggest that the exclusive agreements had resulted in anti-competitive effe
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