Sasol fined for price-fixing

BRUSSELS – The European Union imposed one of its highest ever cartel fines – accusing a “paraffin mafia” of fixing prices and markets for everyday household products like chewing gum, tyres and candles.

A group of nine paraffin wax producers were ordered to pay fines totalling almost almost US$1 billion for forcing European consumers to pay more because paraffin was kept at artificially high prices. European Commission Neelie Kroes said the cartel leader was Sasol of South Africa but also included such multinationals as ExxonMobil, Repsol, Shell and Total.Paraffin wax is obtained from petroleum and is used in candles, wax paper, cosmetics and many other products.Sasol’s fine of US$455,12 million was the fourth largest for an individual company.”I hope that the harsh lesson of these high fines will encourage the management of these companies to look very carefully at what their staff is doing,” Kroes said.”And I hope that in turn the shareholders of these companies look very carefully at the management.”Nampa-APEuropean Commission Neelie Kroes said the cartel leader was Sasol of South Africa but also included such multinationals as ExxonMobil, Repsol, Shell and Total.Paraffin wax is obtained from petroleum and is used in candles, wax paper, cosmetics and many other products.Sasol’s fine of US$455,12 million was the fourth largest for an individual company.”I hope that the harsh lesson of these high fines will encourage the management of these companies to look very carefully at what their staff is doing,” Kroes said.”And I hope that in turn the shareholders of these companies look very carefully at the management.”Nampa-AP