Competition Commission collected penalties of N$27.1 million from private sector companies
The Namibian Competition Commission has paid N$27.1 million to the government which came from five cases against companies that contravened the Competition Act. All five agreed to pay penalties after entering consent agreements with the Commission.
The funds were paid into the state revenue fund on 26 February 2021, the Commission announced this week.
In 2018, the Commission transferred penalties it collected amounting to N$15.4 million to the state revenue fund.
When businesses engage in anti-competitive practices or implement mergers without obtaining the Commission’s approval, the Commission has the power to refer the matter to the High Court for the certain relief to be imposed. This relief may include the imposition of a pecuniary penalty. Alternatively, the Commission and the contravening parties may enter into a consent agreement proposing the pecuniary penalty to be imposed.
“Non-compliance with the provisions of the Competition Act is a serious matter and could result in an investigation by the Commission and the referral of the matter to the High Court for the imposition of a pecuniary penalty against contravening undertakings. The Commission therefore urges all undertakings doing business in Namibia to ensure compliance with the Act,” the Commission noted.