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MUR
MUR
MUR - Murray & Roberts Holdings Limited - Allegations of Corrupt Practices
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN Code: ZAE000073441
("Murray & Roberts" or "Group")
ALLEGATIONS OF CORRUPT PRACTICES
The Competition Commission published a statement through SENS on 1September 2009
as part of a broader media campaign that listed Murray & Roberts as an industry
participant amongst selected others, in alleged wide-spread and prevalent
collusion in the construction industry; categorised joint ventures as collusive
arrangements; implied price manipulation on a national scale to the extent that
society is denied full, timely and affordable access to housing and essential
infrastructure; all resulting in improper cost inflation such as to burden the
state and economy.
In a subsequent business radio interview, the deputy commissioner of the
Competition Commission stated categorically that "The confessions we`ve got thus
far are indicating clearly that once again this is an industry norm."
Murray & Roberts categorically denies these allegations and statements of wide-
spread and prevalent collusion and has lodged a formal objection with the
Director General of the Department of Trade and Industry in this matter. The
Director General has acknowledged the formal objection and has raised the matter
with the Competition Commissioner.
The media campaign also alleges the existence of a steel producers` cartel where
"there has been a long-standing culture of cooperation amongst the steel mills
regarding the prices to be charged, and discounts to be offered, for their steel
products."
Cape Town Iron & Steel Works (Pty) Limited (CISCO) is a subsidiary of Murray &
Roberts and denies any knowledge of such a cartel. The forensic investigations
undertaken by Murray & Roberts consequent to the so-called "dawn raids" by the
Competition Commission, indicate that if anything, CISCO is a victim of
predatory pricing by the larger inland steel mills.
Murray & Roberts does not deny that in isolated instances, individuals in the
Group have acted fraudulently in what can be construed as collusive behaviour.
This is the independent actions of individuals for personal gain. The Group has
forensically investigated all its operations in the context of Competition Law
and where such isolated irregularities have been found, it has engaged with and
placed leniency markers with the Competition Commission.
Bedfordview
2 September 2009
Sponsor:
Deutsche Securities (SA) (Pty) Ltd
Date: 02/09/2009 16:55:07 Produced by the JSE SENS Department.
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