All data is delayed
See More

Aveng anticipates price-fixing fine

Feb 07 2013 09:19

(Picture: Shutterstock)

Company Data


Last traded 4
Change 1
% Change 16
Cumulative volume 15743
Market cap 0

Last Updated: 01-12-2015 at 01:43. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 119
Change -1
% Change -1
Cumulative volume 43717
Market cap 0

Last Updated: 01-12-2015 at 02:17. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 3
Change 0
% Change 0
Cumulative volume 444516
Market cap 0

Last Updated: 01-12-2015 at 02:19. 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


Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote