Sasol Limited's response to finding by European Commission's fine of EUR 318 million
Statement issued by Sasol Limited in response to an announcement by the European Commission regarding a finding of anti-competitive behaviour by Sasol Wax GmbH and other members of the European paraffin wax industry.
As anticipated in several previous announcements made by Sasol Limited, the European Union found that members of the European paraffin wax industry, including Sasol Wax GmbH, formed a cartel and violated antitrust laws. A fine of EUR 318 200 000 was imposed by the European Commission on Sasol Wax GmbH (of which Sasol Wax International AG, Sasol Holding in Germany GmbH and Sasol Limited would be jointly and severally be liable for EUR 250 million). The fine is payable within three months.
As a result of Sasol's co-operation and support in the investigations, the European Commission reduced the base amount of the fine by 50% to the net amount stated above.
Sasol is surprised by and does not understand the reasons for the magnitude of this fine and will be studying the reasons for the finding with a view to lodge an appeal against it.
According to the statement of objections of the European Commission an infringement of antitrust laws commenced in 1992 or even earlier. In 1995 Sasol became a co-shareholder in an existing wax business located in Hamburg, Germany owned by the Schümann group. In July 2002 Sasol acquired the remaining shares in the joint venture and became the sole shareholder of the business. Sasol Limited was unaware of these infringements before the European Commission commenced their investigation at the wax business in Hamburg in April 2005.
Sasol views this matter in a serious light and has intensified its competition and anti-trust law compliance programmes in all its businesses including joint ventures. It is Sasol's policy to comply with all applicable laws, including competition laws.
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