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AEG
AEG
AEG - Aveng Limited - Update on competition commission investigations
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng", "the Group" or "the Company")
UPDATE ON COMPETITION COMMISSION INVESTIGATIONS
Aveng refers its shareholders to the various SENS announcements issued during
2008, 2009 and 2010 in which shareholders have been kept informed of the
Group`s ongoing cooperation with the Competition Commission. Aveng notes the
announcement by the Competition Commission on 1 February 2011 of its
investigation into widespread anti-competitive behaviour in the construction
sector and its "fast-track settlement" process for companies to come forward
and disclose any known irregular practices, in return for more lenient
penalties.
This announcement by the Competition Commission is in line with the proactive
stance taken by Aveng in rooting out historical anti-competitive behaviour.
Aveng remains committed to fully co-operating with the Competition Commission
and ensuring that its employees, management and directors do not engage in
any conduct which constitutes a prohibited practice.
Aveng has put in place numerous initiatives to ensure good corporate
governance across all its operations. In 2008 a competition law compliance
review was undertaken and efforts were further intensified in 2009 with the
roll-out of the Anti-Corruption Framework, a group competition law compliance
programme as well as internal education and awareness programmes. Employees
of Aveng have been afforded the opportunity to report anti-competitive
practices through an immunity hotline and a "Tip-Off Anonymous" hotline. As a
result, several matters involving anti-competitive conduct were uncovered and
resulted in the submission of various markers in respect of these possible
contraventions of competition legislation.
In its SENS announcement of 10 August 2010, Aveng informed shareholders that
an investigation involving the Steeledale Mesh business unit had been
referred to the Competition Tribunal for the hearing of evidence and
argument. This matter has been set down for hearing by the Competition
Tribunal for the week of 28 February 2011.
On 1 February 2011, Steeledale was named as one of 20 respondents in the
Competition Commission`s referral to the Competition Tribunal in respect of
its investigation in the reinforcing steel bar market. In the Commission`s
referral affidavit, it states that the respondents entered into collusive
arrangements. The Commission is requesting that the Competition Tribunal
impose an administrative penalty of 10% of the respondent`s annual turnover
for the preceding financial year. Shareholders were also advised of this
referral in the Group`s SENS announcement of 10 August 2010. We are reviewing
the affidavit of the Competition Commission and will engage with them in this
process.
The Aveng Group and its board of directors have zero tolerance for anti-
competitive behaviour. Management continues to work closely with the
competition authorities and will continue to update the market.
The Aveng Group is currently in a closed period and will release the interim
results for the half year ended 31 December 2010 on or about 14 March 2011.
Rivonia
3 February 2011
Sponsor:
J.P. Morgan Equities Limited
Date: 03/02/2011 16:01:09 Produced by the JSE SENS Department.
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