Today our guest is Makgale Mohlala, head of cartels at the competition commission.

  • The Competition Commission has referred motor vehicle finance institutions, FirstRand Bank Limited, Wesbank, and Toyota Financial Services South Africa Limited to the Competition Tribunal for prosecution on allegations of dividing the market by allocating customers or suppliers.
  • The Commission’s investigation revealed that Wesbank and Toyota Financial Services entered into an agreement to divide markets by allocating customers or suppliers in the market for the provision of vehicle finance.
  • FirstRand, TSA Investment Holdings Limited and Toyota Motor Finance (UK) PLC have 33.3% share each in TSA.
  • They then concluded shareholder agreement which include clauses that stop WesBank from offering vehicle finance to customers looking to buy vehicles at authorised Toyota dealerships.
  • This agreement also listed the vehicles that Wesbank is not allowed to finance and these are the “new” TOYOTA, LEXUS and HINO vehicles and any “used” vehicles sold through any authorised Toyota dealership, except McCarthy Group.

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