Price fixing and the fines
EWN are reporting on a story involving price fixing in the steel industry, and the fines imposed on the three companies involved.
The story goes Cape Gate, Arcelor-Mittal and Cape Town Iron Steel Works will all receive a 10% of annual turnover fine for their participation in price fixing.
Now SOLIDARITY, the union for the minorities, is crying about how price fixing is killing the small business and something has to be done about it.
Well here is VOTED!’s idea.
Why don’t the Competition Commission make the funds available to the said small companies that “could” have been affected by the price fixing. These monies should be used to develop those small companies and build them into bigger industry players.