GRF - Group Five Limited - Response to Competition Commission announcement
GRF
GRF
GRF - Group Five Limited - Response to Competition Commission announcement
Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1969/000032/06)
Share code: GRF ISIN: ZAE000027405
("Group Five")
Response to Competition Commission announcement
In response to the announcement released by the Competition Commission
(Commission) today in respect of the proposed investigation into anti -
competitive behaviour within the Construction industry, Group Five wishes to
confirm the following:-
As communicated previously, Group Five has adopted a proactive stance in respect
of the above and has since 2008 conducted extensive in house education and
awareness programmes to ensure that our employees do not breach competition
legislation as may have been the case in the past.
During the latter part of 2009, after having conducted an internal
investigation, and in order to protect shareholder value, Group Five submitted a
number of markers in respect of potential contraventions of competition
legislation, and has to date been the most proactive in the sector. We are
currently in the process of negotiating various leniency applications in respect
of the above mentioned contraventions.
We believe that our proactive and co-operative approach in taking advantage of
the Commission`s leniency programme has played an important role in mitigating
the risk of penalties and / or fines.
The Board of Group Five once again confirms its support for the Commission`s
process and its commitment to assist the Commission in its objective to rid the
sector of anti-competitive behaviour.
In terms of the Commissions corporate leniency policy, we have not been able to,
nor will be able to, discuss any further details at this stage.
Johannesburg
1 February 2011
Sponsor
Nedbank Capital
Date: 01/02/2011 13:35:01 Produced by the JSE SENS Department.
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