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Aspects of the Commission’s work has attracted criticism.
Some businesses feel the Competition Commission’s interpretation of what qualifies as anti-competitive behavior is too strict, Nedbank Group Ltd.’s Chief Economist Dennis Dykes said in a phone interview. “There has been a bit of a feeling that some of that money should maybe flow back to the victims of the higher prices.” And not everything has gone the way of Bonakele or the Commission. by the Tribunal for alleged overpricing in the polymer industry was overturned on appeal on June 17.
But it’s no sure thing, though, after the Competitions Commission’s reputation took a knock last week when the courts overturned the R534m fine it levied on oil-from-coal producer Sasol.
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“You learn so much about how the business world works and how decisions are made,” Bonakele says. You find gory details about them.” Bonakele says he championed the creation of the cartels division and developed the commission’s leniency policy, which has encouraged companies to come forward and cooperate.
Sasol Reversal “The risk of getting caught is very high, so participants in cartels have fessed up early to achieve the degree of leniency,” David Lewis, a former head of the Competition Tribunal, the body that adjudicates on commission findings, said in a phone interview.
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The investigation follows global scrutiny of misconduct in foreign exchange markets. The scale of his inquiry and the size and resources of the targeted organizations aren’t daunting, Bonakele says.