ERJ staff report (DS)
Mumbai, India - Reports in the Indian press say Apollo has been fined for its participation in a tyre cartel in South Africa. An Apollo spokesman said the stories refer to a fine imposed in November 2011, and which ERJ reported at the time.
At the time, the company issued the following statement: "In the interest of business and its various stakeholders, Apollo Tyres South Africa Pty Ltd (previously Dunlop Tyres International Pty Ltd), has amicably settled allegations of cartelisation by the South African Competition Commission. During the period referred to by the Competition Commission, the company was led by the previous management, and a management change took place post the acquisition by Apollo Tyres. The current management had no involvement in, or knowledge of, the anti-competitive conduct identified by the Commission. The company has decided to settle this and move forward in the best interest of all stakeholders."
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ERJ story from November 2011
India Times (India / South Africa)
NDTV (South Africa)