tiger brands an honest company
16 May 2008

In an interview on Wednesday, Tiger Brands CEO Peter Matlare, when asked whether he was running an honest company replied:

"Tiger Brands is an honest company in which a few people seem to have lost their ethical compass".

The comment follows Tiger Brands' R98.8 million fine for colluding to fix bread prices. Its subsidiary Adcock Ingram Critical Care was fined R53 million on Friday for engaging in collusive behaviour.

In commenting on the company's recent contravention of the Competition Act, Matlare stated that "There were the actions of a few individuals, but they hurt customers, consumers and our honest employees. We have taken decisive steps to renew our commitment to good governance and strong ethics. More than 2000 managers have signed personal statements confirming that they were not involved in the anti-competitive practices and are not aware of any". Matlare replaced Nick Dennis as CEO of Tiger Brands in December 2007.

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