Construction group ‘expects’ price-fixing fine

2013-02-07 11:42

South African construction group Aveng expects to pay a fine for anti-competitive behaviour once a probe into fraud in state and other contracts worth at least R30 billion is wrapped up, its chief executive has said.

“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 today.

“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.

City Press reported on Sunday that the Hawks 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 Stock, WHBO and Group Five.

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.

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