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Fines add to tough year for builders

The construction sector would face a tough year amid plans by the Competition Commission to issue antitrust fines worth billions over alleged tender collusion by firms, the Business Times reported yesterday, quoting Group Five chief executive Mike Upton. “It is going to be a tough year with the industry having to fund these substantial fines, while still struggling with low margins and minimal government contracts coming through,” Upton said. Group Five was the first among major construction companies to bring the collusion to light. “The fact that we were first to get to the commission potentially gives us some advantage in terms of fines, although we have no guarantees that we covered every aspect.”

Source: www.iol.co.za
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