Government has reached agreement with seven listed construction groups found to have participated in collusion. The groups agreed to sell at least 40% of their shares to black people or help up to three black-owned companies build their turnover. These commitments were part of an overall agreement which includes a R1.4bn fine imposed by the Competition Tribunal, and payment of a further R1.5bn to a fund to support social investment initiatives. The seven companies are Group Five, WBHO, Basil Read, Stefanutti Stocks, Aveng, Murray & Roberts and Raubex. Minister in the Presidency Jeff Radebe announced at a post cabinet media briefing on Thursday that the CEOs of these companies would sign "integrity commitments" to wide ranging steps to ensure no collusive or corrupt practices took place in their companies in dealings with competitors, government and other private sector clients. "The settlement agreement provides for certain formal processes to be finalised within the next few weeks ...
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