Tribunal confirms Aveng, Guiricich settlements
The Competition Tribunal on Wednesday confirmed the last of the settlement agreements between the Competition Commission and 15 major construction firms which had admitted to collusive tendering in contravention of the Competition Act.
This came as the tribunal confirmed the R306.58-million settlement agreement between the commission and Aveng, as well as the R3.55-million settlement agreement between the commission and Guiricich Bros Construction.
This followed the confirmation of 13 of the settlement agreements on Monday, which involved Basil Read, Esorfranki, G Liviero, Haw & Inglis, Hochtief, Murray & Roberts, Norvo, Raubex, Rumdel, Stefanutti Stocks, Tubular Technical Construction, Vlaming and Wilson Bayly Holmes-Ovcon.
Last week, the tribunal heard the settlement agreements between the commission and the construction firms, which, in June, agreed to pay penalties totalling a collective R1.46-billion for collusive tendering in contravention of the Competition Act.
In terms of the Act, the tribunal must confirm a settlement agreement between the commission and a respondent in order for the settlement to be legally enforceable.
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