All data is delayed
Loading...
See More

Zuma: State acting on construction fraud

Feb 15 2013 13:59
Fin24
Jacob Zuma

Jacob Zuma (Picture: GCIS)

Company Data

MURRAY & ROBERTS HOLDINGS LIMITED [JSE:MUR]

Last traded 12
Change 0
% Change -3
Cumulative volume 674368
Market cap 0

Last Updated: 24-06-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

AVENG LIMITED [JSE:AEG]

Last traded 4
Change 0
% Change -8
Cumulative volume 1447295
Market cap 0

Last Updated: 24-06-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

WILSON BAYLY HOLMES-OVCON LIMITED [JSE:WBO]

Last traded 123
Change -1
% Change -1
Cumulative volume 39665
Market cap 0

Last Updated: 24-06-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Zuma: NDP a plan for all

Business response to Zuma speech mixed

SA speeds up land reform

Zuma speech low on details - analyst

Unpacking Zuma's speech

Zuma 'painted realistic picture'

 

Cape Town - The government was cracking down on corrupt activities by construction companies, President Jacob Zuma said in his State of the Nation address on Thursday evening.

"The state has collected a substantial dossier of information on improper conduct by large construction companies. This is now the subject of formal processes of the competition commission and other law enforcement authorities," Zuma said.

He vowed to act against corruption, tender fraud and price fixing in the infrastructure programme.

The Infrastructure Development Bill has been published for public comment, he said.

Construction firms including Wilson Bayly Holmes - Ovcon [JSE:WBO], Stocks & Stocks civil engineering, Murray & Roberts Holdings [JSE:MUR], Group Five [JSE:GBF], Concor, and Aveng [JSE:AEG] allegedly fixed state and other contracts worth billions of rands.

The companies are said to have fixed projects such as the FNB Stadium in Johannesburg, the Coega development project in the Eastern Cape, Green Point soccer stadium in Cape Town, the Nelson Mandela Bridge in Johannesburg, and the Gautrain.

Executives are reportedly cooperating with police in exchange for immunity from prosecution.

Zuma said the infrastructure development programme had been a "valuable source of learning for government".  He added that the government had learnt to "coordinate, integrate and focus on implementation".

Last year Zuma announced a multi-billion rand infrastructure programme for South Africa that would be spent on roads, ports and railways.

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

 
 
 

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
10 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...