Pretoria - The Competition Commission said on Monday it would fine 15 construction firms a total of R1.46bn to settle a multi-year investigation into bid-rigging.
The firms, which include industry leaders Aveng [JSE:AEG], Murray & Roberts [JSE:MUR] and Wilson Bayly Homes Ovcon [JSE:WBO], had agreed to cooperate with the competition watchdog in exchange for lighter fines.
The investigation looked at projects dating back to 2006 and found more than 300 cases of bid-rigging in both public and private sector projects, the commission said in a statement.
Wilson Bayly Homes Ovcon, was handed the biggest penalty of R311m.
Industry leader Murray & Roberts was fined R309m, while second-ranked Aveng is to pay R306m.
The fines are likely to be seen as lighter than originally expected. In 2011 the commission invited firms to come forward and voluntarily settle in return for lower fines.
Three companies, including listed firm Group Five [JSE:GBF], did not accept the commission's settlement offer, the commission said.
Shares of Murray & Roberts jumped 2.8%, while Aveng gained 2.1% and Wilson Bayly was flat.
Shares of Group Five fell 2.1% to R36.22. The broad All Share [JSE:J203] index was down 2%.
The firms, which include industry leaders Aveng [JSE:AEG], Murray & Roberts [JSE:MUR] and Wilson Bayly Homes Ovcon [JSE:WBO], had agreed to cooperate with the competition watchdog in exchange for lighter fines.
The investigation looked at projects dating back to 2006 and found more than 300 cases of bid-rigging in both public and private sector projects, the commission said in a statement.
Wilson Bayly Homes Ovcon, was handed the biggest penalty of R311m.
Industry leader Murray & Roberts was fined R309m, while second-ranked Aveng is to pay R306m.
The fines are likely to be seen as lighter than originally expected. In 2011 the commission invited firms to come forward and voluntarily settle in return for lower fines.
Three companies, including listed firm Group Five [JSE:GBF], did not accept the commission's settlement offer, the commission said.
Shares of Murray & Roberts jumped 2.8%, while Aveng gained 2.1% and Wilson Bayly was flat.
Shares of Group Five fell 2.1% to R36.22. The broad All Share [JSE:J203] index was down 2%.