Oceana fined R34.750m for price fixing

File picture

File picture

Published May 9, 2012


Fishing group Oceana (OCE) is to pay a R34.750 million penalty as part of the settlement deal with the Competition Commission following a number of price fixing and market allocation contraventions within the pelagic fish industry.

The commission said on Wednesday that the settlement deal represented 5% of the company's turnover derived from its pelagic fish operations in SA in 2010. Pelagic fish are those that live near the surface including anchovy, pilchards and red eye.

The settlement, which is still to be confirmed by the Competition Tribunal, followed a complaint initiated by the commission in July 2008.

In terms of the deal, Oceana admitted that Oceana Brands, Foodcorp, Premier Fishing SA, Gaansbaai Marine, Terressan Pelagic Fishing, Paternoster Visserye, Pioneer Fishing and Saldanha Foods - as members of the South African Pelagic Fish Processors Association - agreed to fix prices paid to vessel owners/operators, skippers and crew for the service of catching pelagic fish. - I-Net Bridge

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