Johannesburg - Aveng [JSE:AEG]
Jardine has resigned due to a "very taxing" investigation by the
Competition Commission, he announced on Wednesday.
"It has been a
privilege working for an organisation that is at the core of infrastructure
development," Jardine said in a statement.
Competition Commission's investigation process has been personally very taxing,
particularly as I have had to deal with matters that occurred before my
appointment and of which I had no personal knowledge."
Jardine's resignation would
be effective from August 31. Financial director Kobus Verster would be acting
CEO from September 1.
In June, 15 construction
companies, including Aveng, agreed to pay fines that collectively totalled
R1.46bn for collusive tendering.
The settlements were
reached in terms of the "construction fast track settlement process"
the Competition Commission started in February 2011. This process encouraged
firms to make full and truthful disclosure of bid rigging in return for
penalties lower than what the commission would seek if the cases were
Twenty-one firms responded
to the offer and 300 instances of bid rigging were revealed. The settlements
related to projects concluded after 2006. Projects before that were beyond
The commission said the
companies colluded to create the illusion of competition by submitting
"sham tenders" or "cover pricing", to allow an alleged
conspirator to win a tender.