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Our bread has been overpriced for 12 years!
RETAIL NEWSWATCH: The bread price fixing scandal has taken another turn as the Competition Commission announces that a number of national bread-producers have been fixing the price of bread for at least 12 years. And that means that millions of this country's poor have been even further below the breadline than they need have been.
The Commission opened the inquest after it received complaints from independent bread distibutors in December 2006. The companies under investigation include Tiger Brands, Premier Foods, and Pioneer Foods.
However, both Premier Foods and Tiger Brands have applied for leniency from prosecution in exchange for their assistance in the investigation.
This allowed for the quick settlement agreement for Tiger Brands, the owner of Albany, which includes a penalty of almost R99 million for its involvement. Reports on BuaNews have stated this fine is "5.7% percent of its turnover from baking operations nationally for the financial year ending in 2006" - on affected turnover of 1.73 billion for this period.
For more:
- BuaNews: Tiger Brands fined R98.7m for bread cartel
- IOL: Price-fixing whistle-blower pays dearly
- IOL: Hero who beat bread price fixers
- IOL: Bread scandal 'is not over yet'
- Fin24: How big is bread price scam?
- Cape Times: Food firm fined R99m for fixing bread prices
- SABCnews.com: Firm denies profiting from price-fixing
