WesBank and Toyota Financial Services South Africa have been referred to the Competition Commission for prosecution on allegations of dividing the market. An investigation by the commission revealed that WesBank and Toyota divided markets by allocating customers or suppliers.
This is in contravention of Section 4 of the Competition Act 89 of 1998. It’s been found that Wesbank and TFS are involved in the provision of vehicle finance services. This is after the two entities concluded a shareholder agreement clause that prevents them from competing.
The agreement clause prohibits WesBank from offering vehicle finance to customers seeking to purchase vehicles at authorised Toyota dealerships.
Press Release: @CompComSA charges Wesbank and Toyota financial services for collusion pic.twitter.com/2e9GjgaR44
— CompComSA (@CompComSA) February 3, 2022
Source: eNCA
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