Johannesburg – Construction group Murray & Roberts Holdings [JSE:MUR] advised on Monday that it had reached a settlement agreement to the amount of R309m with the Competition Commission relevant to its Fast Track Settlement investigations into historical anti-competitive practices.
The Competition Commission will refer this settlement to the Competition Tribunal.
Murray & Roberts said the settlement amount was not materially higher from what was provided for by the group and was payable in three payments - one third one month after the Tribunal confirmed the settlement‚ one third after twelve months and one third after 24 months.
“If confirmed by the Competition Tribunal‚ this represents a full and final settlement of all alleged collusive conduct as defined in the settlement agreement reached with the Competition Commission on 18 June 2013.
“The Board and management continue to set the vision for and commitment to a morally and ethically sound culture within Murray & Roberts.”
The Competition Commission will refer this settlement to the Competition Tribunal.
Murray & Roberts said the settlement amount was not materially higher from what was provided for by the group and was payable in three payments - one third one month after the Tribunal confirmed the settlement‚ one third after twelve months and one third after 24 months.
“If confirmed by the Competition Tribunal‚ this represents a full and final settlement of all alleged collusive conduct as defined in the settlement agreement reached with the Competition Commission on 18 June 2013.
“The Board and management continue to set the vision for and commitment to a morally and ethically sound culture within Murray & Roberts.”