Murray & Roberts joins voluntary deal
Allowing them to escape competition authority penalties
Murray & Roberts has opted to participate in a R1.25bn “voluntary” settlement agreement between construction companies and the government to allay competition authority penalties and accelerate transformation in the industry.It is the seventh JSE-listed South African construction and engineering group to do so after Wilson Bayly Holmes-Ovcon, Group Five, Stefanutti Stocks, Raubex, Basil Read and Aveng put out statements on Tuesday to this effect.The companies would pay annual dues over a period of 12 years into a trust that will be governed by trustees appointed by the government, the construction companies themselves and the South African Forum of Civil Engineering Contractors.“The payment across the 12 years and seven companies will increase to a total of about R1.5bn,” Ed Jardim, Murray & Roberts group investor and media executive, said on Thursday.
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