22 April 2016
The Competition Amendment Act was enacted in 2009 and these provisions may have long been forgotten. Today the promulgation of section 73A will be gazetted and come into force from 1 May 2016.
This will change cartel-related and other prohibited practices from statutory to criminal offences. A very significant development, as it will now be a criminal offence to fix prices, divide markets, collude in tenders or acquiesce in collusion.
Directors and managers found to have been engaging or who have knowingly acquiesced in cartel conduct will now face fines and jail time up to 10 years.
To ensure that your company is not unknowingly involved in conduct that may place you at risk, please contact our competition law team for advice.