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(HERALD) Schweppes signs accord with CTC

Schweppes signs accord with CTC
Thursday, 09 June 2011 21:51
By Helen Mubvumbi

BEVERAGES manufacturer Schweppes Zimbabwe Limited has become the first company in Zimbabwe to sign a voluntary competition compliance agreement with the Competition and Tariffs Commission. The Competition Compliance Agreement shows a company's commitment to comply with the provisions of the country's Competition Act.

Speaking at the signing ceremony yesterday, Competition and Tariff Commission director Mr Alexander Kubuda said the signing of the agreement would benefit Schweppes so that it can detect in time any violation of the competition law.

"Competition is the blood of vibrant markets as it is aimed at enterprise efficiency and development in that it forces firms to become efficient and to be innovative," he said.
"Schweppes Zimbabwe's willingness to comply with the country's competition shows the company's commendable efforts of maintaining its position as an exemplary market leader and good corporate citizen.

"It enables the company to detect any violation of the competition law at an early stage to enable it to take the necessary corrective measures before the intervention of the commission."

Mr Kubuda said Schweppes decided to adopt the competition compliance programme, not because the company had violated any provisions of the Act, but because the company had grown through mergers and acquisitions to the extent that it had become one of the dominant players in the beverages industry.

Schweppes' signing of the agreement involved active efforts on the part of the company to comply with the provisions of the act with the primary objective of preventing violation of the country's competition law and promoting a culture of compliance within its structures.

Speaking at the signing ceremony, Schweppes Zimbabwe managing director Mr Charles Msipa said the compliance agreement is a milestone in the company's efforts to create a culture of competition in the country.

"As Schweppes, we ventured into the compliance programme to promote a culture of awareness of the laws, also to protect the consumers from the risk of being violated by our brands," he said.

Mr Msipa said the signing of the compliance agreement was at the back of localisation of the company last year and Schweppes would soon start a compliance programme to educate their employees on the rules and regulations that come with the Competition Act.

Zimbabwe's competition law, which is enshrined in the Competition Act is aimed at protecting and maintaining competition in the economy by preventing and controlling restrictive practices and monopoly situations, prohibiting unfair business practices and regulating mergers and acquisitions.

Labels: COMPETITION, TRADE

posted by MrK @ 5:11 PM