JOHANNESBURG, May 20 /PRNewswire-FirstCall/ -- The Competition Tribunal today confirmed the settlement agreement, reached between the Competition Commission of South Africa and Sasol Nitro, a division of Sasol Chemical Industries Limited, relating to its fertiliser and phosphoric acid businesses. The confirmation of the agreement has the effect of a full and final settlement and conclusion of all proceedings between the Commission and Sasol Chemical Industries Limited relating to any alleged contraventions by Sasol Chemical Industries Limited (Sasol Nitro division) of section 4(1)(b) (prohibiting collusive conduct) of the South African Competition Act that were the subject of the Commission's investigations in respect of the Nutri-Flo matter and the phosphoric acid investigation. The remainder of the Nutri-Flo matter and the Profert matter, which deal with allegations of abuse of dominance in the market place, form the subject-matter of continuing engagement between Sasol and the Competition Commission. The original settlement agreement, of 4 May 2009, was concluded with the Competition Commission relating to alleged contraventions by Sasol Chemical Industries Limited (Sasol Nitro division) of section 4(1)(b) (prohibiting collusive conduct) of the South African Competition Act that were the subject of the Commission's investigations in respect of the Nutri-Flo matter and the phosphoric acid investigation. In terms of the agreement Sasol Chemical Industries Limited agreed to pay an administrative penalty of R188,01 million. This agreement was subject to confirmation by the Competition Tribunal. In the course of Sasol's ongoing investigation into anti-competitive behaviour within its fertilizer and phosphoric acid business, additional and relevant information was uncovered last week, after intensive and repeated interviews with employees and ex-employees. Sasol immediately reported the new information to the Competition Commission. In light of the new information, Sasol tendered an amendment to the previously announced settlement agreement, to expand the scope of the admissions that Sasol made in respect of the anti-competitive conduct in the fertilizer industry. The Competition Commission agreed to the amendments regarding Sasol's admission of a contravention of the Act. It indicated the amendment would result in an increase in the administrative fine, that Sasol agreed to pay in terms of the original settlement agreement, from R188,01 million to R250,68 million. "This is another milestone in a continuing process that was started in July last year and we will not rest until we have cleaned out the cupboard entirely," Pat Davies, Chief Executive, said. The revised administrative penalty, agreed by Sasol and the Competition Commission, was today confirmed at a sitting of the Competition Tribunal in Pretoria. The amount must be paid within 60 days of the confirmation. "As the chief executive, I, representing Sasol, accept full responsibility for the wrongdoing and apologise, both singularly and collectively, to all those who may have been impacted by the conduct of managers and employees within the Sasol Nitro business unit in the early to mid-2000's," Davies said. 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, or +27-11-441-3563, or +27-11-441-3321,

Copyright