Basil Read, the JSE-listed construction, mining, development and engineering group, has reached a settlement agreement with the Competition Commission on the payment of R95 million for contraventions of the Competition Act.
The proposed settlement is subject to the ratification of the Competition Tribunal.
The administrative penalty relates to a number of isolated, past contraventions of the Competition Act related to projects carried out by the Roads and Civil Engineering divisions of Basil Read. None of these projects relate to the 2010 FIFA World Cup.
Basil Read has adopted a rigorous, on-going competition law compliance policy to ensure that incidents like this do not happen again. This includes thorough competition law training of employees throughout the group, on a regular basis.
Chief Executive Officer Marius Heyns said: “I am pleased that the Group adopted a proactive stance to dealing with these issues. This regrettable chapter in Basil Read’s history has now ended, and the company looks forward to continuing to compete effectively, efficiently and in compliance with the law. The settlement agreement reached with the Competition Commission is slightly higher than we had anticipated. Therefore, an additional R20 million provision will be made in the current financial year (FY13).
Basil Read Statement