Official weighs in on curbing cartels in SA
Commissioner of the Competition Commission Tembinkosi Bonakele says imposing harsher penalties is not enough to curb cartels that emerge through anti-competitive behaviour.
Bonakele had been speaking on the sidelines of the fourth BRICS International Competition Conference at Durban's ICC.
The commissioner believes that while increasing the type of penalties imposed may be necessary, changing the ethical conduct of businessmen is more important.
"Some people have proposed that criminal sanctions is the only way that's going to put an end to cartels, but I can tell you United States has had criminal cartel sanctions for over 100 years and they're still cartels there," he said.
Bonakele feels stakeholders need to protect their industries.
"I think in a country with so many cartels covering basic products such as bread, businesses themselves should name and shame and even isolate people who engage in those types of conducts," he said.
The conference wraps up today.
(Photo: Khatija Nxedlana)