SA’s top anti-trust body has reached a settlement agreement of just over R14m with Dutch group Victron Energy over allegations it forced local distributors to make sure its products were not sold below a minimum price, reports Fin24.

This follows the Competition Commission referring a complaint against the Netherlands-based inverter and solar panel supplier to the Competition Tribunal in December last year for allegedly forcing its distributors not to sell its goods for below a certain price between March 2022 and at least the end of 2022. 

The Competition Commission said in a statement yesterday that the settlement agreement, concluded on 6 June, would now be referred to the tribunal for confirmation.

Once this had had happened it would ‘bring an end to the complaint referral proceedings currently before the tribunal against Victron’.

The commission noted that in terms of the settlement agreement, Victron ‘does not admit’ it contravened the Competition Act, but that it would pay the R14.2m settlement amount and ensure compliance with the legislation in the future.

The company would also be implementing a ‘competition law compliance programme in respect of all its employees, management, directors and agents who participate in any commercial activities in SA’.

Full Fin24 report