Business Reporter<\/p>\n\n\n\n
THE Namibian Competition Commission (NaCC) has transferred a total of N$9 million, following the audit of the 2024\/25 financial year by the Auditor General, in penalties to the State Revenue Fund.<\/p>\n\n\n\n
This is in line with its mandate of fulfilling its obligation under Section 53(5) of the Competition Act No. 2 of 2003 (the Act).<\/p>\n\n\n\n
Section 53(5) states that collected penalties must be paid into the State Revenue Fund.<\/p>\n\n\n\n
Dina \/\/Gowases, NaCC spokesperson, explained that the pecuniary penalties collected during the financial year are a culmination of settlement or consent agreements the Commission entered with parties in the non-financial sectors (N$1 million), cement industry (N$5 million), as well as fuel and air transportation sectors (N$3 million).<\/p>\n\n\n\n
\u201cThe Commission’s investigation found that some of the parties operating in those sectors violated Chapters 3 and 4 of the Act by implementing mergers without approval and abusing a dominant position. To date, the Commission has transferred a total of N$65 million collected in pecuniary penalties to the State Revenue Fund since its inception in 2009, derived from various contraventions of the Act,\u201d \/\/Gowases said.<\/p>\n\n\n\n
She added that anti-competitive behaviours like price-fixing, bid-rigging, and monopolisation distort markets and harm consumers.<\/p>\n\n\n\n
\u201cPenalties for such conduct act as a vital deterrent, helping create a more competitive, efficient economy. Increasing the risks associated with illegal actions discourages companies from suppressing competition. This encourages innovation since firms must compete on their merits rather than manipulate markets artificially. Moreover, penalties protect consumers from inflated prices and limited choices, promoting fairer distribution of economic benefits. Ultimately, imposing penalties for anti-competitive conduct supports a dynamic and prosperous economy by upholding the principles of free and open competition,\u201d \/\/Gowases said.<\/p>\n\n\n\n
She concluded that non-compliance with the Competition Act is a serious offence and may lead to investigations and referrals to the High Court for penalties against offending companies.<\/p>\n\n\n\n
\u201cTo ensure compliance with the Act and promote a competitive culture, the Commission, apart from its enforcement function, uses the advocacy function to enforce compliance. By promoting awareness and understanding of competition principles among businesses, consumers, and policymakers, advocacy fosters a culture of compliance and encourages competitive behaviour. Advocacy also serves as an important tool for shaping competition policy by providing a platform for stakeholders to voice their concerns and contribute to ongoing discussions about regulatory reforms,\u201d \/\/Gowases concluded.<\/p>\n\n\n\n
The Commission urges all businesses operating in Namibia to ensure adherence to the Act. Additionally, the Commission is committed to implementing the Act to the benefit of all Namibians.<\/p>\n\n\n\n
PICTURED: Dina \/\/Gowases, spokesperson of the NaCC. Photo: File<\/p>\n","protected":false},"excerpt":{"rendered":"
Business Reporter THE Namibian Competition Commission (NaCC) has transferred a total of N$9 million, following the audit of the 2024\/25 financial year by the Auditor General, in penalties to the State Revenue Fund. This is in line with its mandate of fulfilling its obligation under Section 53(5) of the Competition Act No. 2 of 2003 …<\/p>\n","protected":false},"author":10,"featured_media":384164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,24],"tags":[],"class_list":["post-384162","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"yoast_head":"\n