Fireco Gauteng, now called KRS Fire, which specialises in supplying, installing and maintaining fire control and protection systems, has agreed to pay a R909 376 administrative penalty for collusion.
The Competition Tribunal has confirmed the settlement agreement with the company.
This follows after the Competition Commission in March 2015 initiated an investigation against a number of firms, including Fireco Gauteng, for fixing prices, dividing markets and tendering collusively in the relevant market.
As a result of the investigation, it was found that during or about the period of at least 2012 until March 2015, Fireco Gauteng together with other respondents in this cartel were found to have entered into agreements to fix prices and tender collusively in the relevant market.
The tribunal on July 19 also confirmed a settlement agreement with another company that was investigated as part of the cartel, Afrion Property Services, which will pay a fine of R327 201 for collusion.