May 10, 2012 – Major fishing companies will appear before the Competition Tribunal after Oceana fishing admitted to price collusion in the industry and was fined nearly R35 million.
Yesterday the Competition Commission announced that it had settled with Oceana Group Limited and Oceana Brands Limited – which produces Lucky Star canned fish – with the company agreeing to pay a penalty of R34 750 050 – 5% of its 2010 turnover for pelagic fish (anchovy, pilchards and red-eye herring).
Brimstone Investments Corporation Limited and Tiger Brands Limited are both substantial shareholders in the Oceana Group.
Oceana Group chief executive officer Francois Kuttel said: “Oceana has co-operated fully with the commission during its investigation and, while we deeply regret the commission’s findings, we acknowledge that this occurred, with the exception of the Sea Harvest matter.