A PYMNTS Company

South African Companies That Inflated Masks By 900% Agree to Fine

 |  May 24, 2020

Two companies have agreed to jointly pay R1.5 million (US$85,000) for excessive pricing of face masks during the COVID-19 outbreak.

Sicuro Safety and Hennox Supplies have reached a settlement with the Competition Tribunal and will jointly contribute R200,000 to the Solidarity Relief Fund.

The Competition Commission launched an investigation into the companies after receiving complaints from the public.The probe found that the businesses had increased their prices by over 900%.

The Commission’s Sipho Ngwema said, “They have also undertaken to develop and implement a competition compliance programme that will cover all staff and management, educating them about the importance of the Consumer Act.”

Full Content: EWN

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.