Construction firm settlements confirmed
A view of Cape Town International Stadium. Johannesburg - The Competition Tribunal has confirmed settlement agreements reached with construction companies fined for collusive tendering, it said on Monday. In terms of the Competition Act, the tribunal must confirm a settlement agreement concluded between the commission and a respondent in order for the settlement to be legally enforceable,” the tribunal said in a statement.
The settlements were reached in terms of the “construction fast-track settlement process” started in February 2011. This process encouraged firms to make full disclosure of bid rigging, in return for penalties lower than what the commission would have sought if the cases were prosecuted.... Read the full, comprehensive news article and discuss at Business Report