European Court Substantially Reduces The Fine Imposed On Sasol For Its Involvement In The European Paraffin Wax Cartel
JOHANNESBURG, July 11, 2014 /PRNewswire/ -- In October 2008, the European Commission imposed a fine of EUR 318.2 million on Sasol Wax GmbH and other Sasol group companies, including Sasol Limited ("Sasol") for Sasol Wax's involvement in the European paraffin wax cartel. The fine was paid in full by Sasol in January 2009. Sasol viewed the fine as excessive and, in December 2008, applied to the European General Court in Luxemburg for a reduction of the fine. Today, the European General Court reduced the fine by an amount of EUR 168.22 million to EUR 149.98 million. The European Commission has the right to appeal the decision.
In 1995, Sasol became a co-shareholder in an existing wax business located in Hamburg, Germany, owned by the Schumann group. In July 2002, Sasol acquired the remaining shares in the joint venture and became the sole shareholder of the business. Sasol was unaware of any cartel activities, before the European Commission commenced its investigation into the European paraffin wax industry in April 2005.
Sasol will account for this as a post balance sheet adjusting event. The effect of the reduced fine will be accounted for in Sasol's FY14 income statement.
Sasol Investor Relations Team
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