Construction cartel: Firms agree to pay R1.5bn to fund

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(iStock)
(iStock)

Cape Town – Seven listed construction companies have agreed on Thursday to collectively contribute R1.5bn to a fund earmarked for socio-economic development over a 12-year period. 

This is in addition to a R1.4bn fine imposed on WBHO, Aveng, Murray & Roberts, Group Five, Basil Read, Raubex and Stefanutti Stocks by the competition authorities. The companies have a combined annual construction revenue of approximately R45bn.

READ:Patel hails R1.5bn price fix fine as boost for SMEs

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