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Aveng Ltd Reaches Settlement With Competition Commission


Monday, 24 Jun 2013 05:56am EDT 

Aveng Ltd announced that it has entered into a R306,576,143.00 Settlement Agreement with the Commission with respect to Fast Track Settlement investigations into historical anti-competitive practices in the construction industry. This amount is to be settled in three annual payments of equal amount (R102,192,047.00), commencing on July 1, 2013, or within 30 days from the date of confirmation of the Settlement Agreement as an order of the Competition Tribunal (the Tribunal), whichever is the later. If confirmed by the Tribunal, this represents a full and final settlement of all alleged collusive conduct as defined in the Settlement Agreement. As announced previously, the group has already made adequate provision for this amount. 

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