Sasol Limited: Amendment of Settlement Agreement with Competition Commission
May 19 2009 - 9:50AM
PR Newswire (US)
JOHANNESBURG, South Africa, May 19 /PRNewswire-FirstCall/ -- Since
the previously announced Settlement Agreement was concluded with
the Competition Commission ("the Commission") in respect of
competition law contraventions in the fertilizer and phosphoric
acid businesses of Sasol Nitro, Sasol (JSE:SOL) ( NYSE: SSL) has
continued its internal investigations. It is only now after
intensive repeat interviews with employees and former employees
that additional new information relevant to one of the previously
announced contraventions in the fertilizer business has been
uncovered. Sasol tendered the information to the Commission as soon
as it was verified, in line with its commitment to co-operate with
the Commission. In view of the new information Sasol tendered an
amendment to the Settlement Agreement to expand the scope of the
admissions that Sasol made in respect of the anti-competitive
conduct in the fertilizer industry. The Commission agreed to the
amendments, but indicated that the amendment would require an
increase in the administrative fine that Sasol agrees to pay in
terms of the settlement agreement from R188,01 million to R250,68
million. The information changed the Commission's view of the
nature and seriousness of one of the matters covered by the
settlement agreement. The Settlement Agreement was amended
yesterday to reflect these changes and submitted to the Competition
Tribunal for confirmation. The application for confirmation of the
Settlement Agreement will be heard by the Competition Tribunal
tomorrow, Wednesday 20 May 2009. Sasol Investor Relations Tel: +27
11 441 3113 / 3563 / 3321 Disclaimer - Forward looking statements
In this announcement we make certain statements that are not
historical facts and relate to analyses and other information which
are based on forecasts of future results and estimates of amounts
not yet determinable. These statements may also relate to our
future prospects, developments and business strategies. Examples of
such forward-looking statements include, but are not limited to,
statements regarding exchange rate fluctuations, volume growth,
increases in market share, total shareholder return and cost
reductions. Words such as "believe", "anticipate", "expect",
"intend", "seek", "will", "plan", "could", "may", "endeavour" and
"project" and similar expressions are intended to identify such
forward-looking statements, but are not the exclusive means of
identifying such statements. By their very nature, forward-looking
statements involve inherent risks and uncertainties, both general
and specific, and there are risks that the predictions, forecasts,
projections and other forward-looking statements will not be
achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, our actual results may
differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors are discussed more fully in our most
recent annual report under the Securities Exchange Act of 1934 on
Form 20-F filed on 7 October 2008 and in other filings with the
United States Securities and Exchange Commission. The list of
factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you should
carefully consider both these factors and other uncertainties and
events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise. DATASOURCE: Sasol Limited
CONTACT: Sasol Investor Relations, +27-11-441-3113 / 3563 / 3321,
Web Site: http://www.sasol.com/
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