• Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

  • Long live your gadget

    Real gadget protection tends to cost real money, writes Arthur Goldstuck.

  • Taking SA for a ride

    The ANC seems to think all South Africans are idiots, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Aveng anticipates price-fixing fine

Feb 07 2013 09:19 Reuters

(Picture: Shutterstock)

Company Data

STEFANUTTI STOCKS HOLDINGS LTD [JSE:SSK]

Last traded 8.85
Change -0.3
% Change -0.03
Cumulative volume 6860
Market cap 1.66bn

Last Updated: 29/08/2014 at 03:15. Prices are delayed by 15 minutes. Source: McGregor BFA

WILSON BAYLY HOLMES-OVCON LIMITED [JSE:WBO]

Last traded 138.00
Change 1
% Change 0.01
Cumulative volume 171429
Market cap 9.11bn

Last Updated: 29/08/2014 at 03:32. Prices are delayed by 15 minutes. Source: McGregor BFA

AVENG LIMITED [JSE:AEG]

Last traded 23.13
Change -0.46
% Change -0.02
Cumulative volume 3071778
Market cap 9.64bn

Last Updated: 29/08/2014 at 03:33. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Aveng awaits commission’s findings

Aveng feels building slump

Building bigwigs in bid-rigging probe

Private sector can crackdown tender fraud

Price-fixing probe hits building firms

Building cartel being probed - report

 

Johannesburg - Construction group Aveng [JSE:AEG] expects to pay a fine for anti-competitive behaviour once a probe into fraud in state and other contracts worth at least R30bn is wrapped up, its chief executive said on Thursday.

"We have absolutely no interest in playing cat or mouse games with any authority. These matters are grave, they are serious and we have to deal with them," Aveng chief executive Roger Jardine told Talk Radio 702.

"We have told our stakeholders that we do expect to pay a fine."

Aveng is one of several construction companies being investigated for tender irregularities around projects that include the building of soccer stadia for the 2010 World Cup.

The City Press newspaper reported on Sunday that the Hawks, an elite police investigative unit, were also conducting their own probe in parallel with one by competition authorities that began in February 2011.

Referring to the competition investigation, Aveng said it had applied for leniency, a stance that does not equate to an admission of guilt but indicates a willingness to cooperate.

South Africa's largest construction firms include Stefanutti Stocks Holdings [JSE:SFP], Wilson Bayly Holmes - Ovcon [JSE:WBO] and Group Five [JSE:GBF].

Jardine said Aveng had made provision for a potential fine by competition authorities.

"It's now about taking this industry out of its disgraceful past and putting it on a good footing for its future," he said.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

aveng  |  price-fixing  |  construction
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...