The economic development minister says government is seeking a restitution package from colluding construction firms following a R1.5-billion fine.
Construction company Aveng has explained how it held executives and employees involved in anti-competitive behaviour accountable, says a report.
A scarcity of engineers forced the company to take muted punitive measures over collusion.
Former Aveng chief Roger Jardine says there needs to be greater transparency in government tender systems to lessen opportunities for collusion.
Aveng chief executive Roger Jardine says he is stepping down following an investigation process which he found very taxing.
Aveng will pay a fine of R128,9-million relating to two cartels in the wire mesh and rebar business, the Competition Commission says.
Aveng, Africa’s largest builder by market value, posted an 8% drop in full-year profit, hit by lower demand for construction projects.
Companies involved in a mining roof bolts cartel are being brought to book by the Competition Commission.
Aveng said on Wednesday its two year-order book rose by 8% to R32,7-billion despite construction projects related to 2010 World Cup coming to an end.
Aveng posted a drop in full-year profit on Wednesday as lower volumes and falling steel prices hit its manufacturing and processing business.
Construction and engineering group Aveng has been fined R46,3-million — in terms of a consent agreement — for collusion, it was reported on Friday.
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