New Foodcorp Holdings (Pty.) Ltd., a South African food producer, reached a settlement with the nation’s antitrust authorities for fixing grain product prices between 1999 and 2007.
The closely held Johannesburg-based company was fined 88.5 million rand ($10 million) by the Competition Commission for fixing the prices of milled white corn and milled wheat, it said in an e-mailed statement today. The fine will be paid in equal tranches over the next three years, Foodcorp said.
“This matter relates to behavior which ended in 2007 and which has caused great embarrassment to Foodcorp,” Chief Executive Officer Justin Williamson said in the statement. “We have learnt a very unpleasant lesson.”
Pioneer Foods Group Ltd., a competitor, was fined 1.05 billion rand in 2010 in the same case.