| Tue 12 Feb 2008, 15:37 | | TBS - Tiger Brands - Tiger Brands Responds To Competition Commission |
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TBS
TIIH
TBS - Tiger Brands - Tiger Brands Responds To Competition Commission
Investigation Into Adcock Ingram Critical Care (Pty) Ltd
TIGER BRANDS LIMITED
"Tiger Brands" or "the Company"
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
TIGER BRANDS RESPONDS TO COMPETITION COMMISSION INVESTIGATION INTO ADCOCK
INGRAM CRITICAL CARE (PTY) LTD
Tiger Brands Limited is devastated at allegations of collusion in its
healthcare division and has launched an immediate and urgent independent
investigation, non-executive Chairman Lex Van Vught said today.
Van Vught announced that the Board of Tiger Brands will extend the
independent investigation into all of Tiger Brands` businesses.
This follows the referral by the Competition Commission to the Competition
Tribunal yesterday of a case of collusion against Adcock Ingram Critical Care
(Pty) Ltd, Dismed Criticare (Pty) Ltd and Thusanong Health Care (Pty) Ltd.
Tiger Brands was cited as a respondent as it is the holding company of AICC.
No relief is being sought against Tiger Brands.
Van Vught said that whilst the Board appreciated that the referral contained
many allegations that are required to be investigated and responded to, the
Board believes the allegations are of such seriousness that Arthur Barnett,
who is the managing executive responsible for Adcock Ingram Critical Care
(Pty) Ltd, has been suspended with immediate effect pending the conclusion of
the independent investigation.
"We are deeply distressed that our proud Tiger Brands heritage and company
name is associated with such allegations. We will take swift and strong
action. As part of this we have launched an independent investigation into
the allegations made against Adcock Ingram Critical Care (Pty) Limited
division. Edward Nathan Sonnenbergs, with assistance from counsel, will
conduct the investigation and it will be aimed to be completed within the
next two weeks. The findings will be shared with the competition authorities.
"We will extend this investigation into every single business that we are
involved in. We are determined to find and root out any anti-competitive or
collusive practices," he said.
In addition, Van Vught said, all managers will be obliged to sign an
undertaking attesting to any knowledge, involvement or innocence regarding
collusive practices.
"Tiger Brands has a proud history of support for South African consumers and
we will not allow collusive practices to undermine that. We will act against
perpetrators wherever they are in the organisation," Van Vught said.
Bryanston
Date: 12 February 2008
Sponsor
JP Morgan Equities Limited
Date: 12/02/2008 15:37:02 Produced by the JSE SENS Department.
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