| Mon 18 Apr 2011, 16:05 | | MUR - Murray & Roberts Holdings Limited - Fast track competition submission |
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MUR
MUR
MUR - Murray & Roberts Holdings Limited - Fast track competition submission
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
("Murray & Roberts" or "Group")
FAST TRACK COMPETITION SUBMISSION
Murray & Roberts confirms that it filed a Fast Track application to the
Competition Commission ("Commission") by the deadline date of 15 April 2011.
This is a process established by the Commission that requires firms operating in
the construction sector to list projects in specified market sectors where the
firm believes, or has evidence, it may have transgressed any of the provisions
of the Competition Act, No 89 of 1998 ("Act") and where such transgressions are
not covered by leniency under the Corporate Leniency Provision ("CLP") of the
Act.
The Group has conducted further and extensive internal legal and forensic
investigations in terms of the specific provisions of the Fast Track process.
This has included the interrogation of both current and former executives of the
Group, including those who had signed declarations of compliance to the
provisions of the Act. A large number of project tenders have been subjected to
audit, going back a number of years.
The Group regrets to advise that a relatively small number of projects have been
identified, primarily in a designated sector in which Concor Limited ("Concor")
is active, where the Act may have been transgressed through the unauthorised
actions of senior executives and for which no CLP applications have previously
been lodged. The Group has now lodged CLP applications for these projects, but
may well be exposed to the application of a penalty in terms of the rules of the
Fast Track process.
The unlawful actions by these individuals extend from an indeterminate period
prior to the acquisition of Concor by Murray & Roberts in the 2007 financial
year and seem to have ceased at some time subsequent to Concor being
incorporated into the Group. It is possible, however, that the Fast Track
process may identify further projects where Concor and/or Murray & Roberts have
transgressed the provisions of the Act.
Murray & Roberts, under the direction of its board and chief executive, has led
the exposure of collusive practices in the construction industry over a number
of years, is committed to eradicating any collusive behaviour from the Group and
will continue its work with the Commission to achieve a competitive construction
industry in its broadest definition.
18 April 2011
Bedfordview
Sponsor
Deutsche Securities (SA) (Pty) Limited
Date: 18/04/2011 16:05:01 Produced by the JSE SENS Department.
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