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Construction Firms

  • A 3 week strike in the construction industry comes to an end
  • After workers downed tool three weeks ago, a new wage deal brings the strike to an end. Earlier today, the National Union of Mineworkers (NUM) said that the strike was over. Let's take a closer look at the wage deal between the union and the construction industry… Earlier today, the NUM said that “it had agreed to a deal for wage hikes of up to 12%,” reports Fin24. This deal with the const... ››› more
  • [13 September 2013]
  • The market punished Aveng's share price as its profits dip
  • Earlier today, construction company Aveng released its full year results. And they showed that the company's profit margin was suffering. So far today, Aveng's shares have fallen 4.62%. Let's take a more detailed look at what the results showed… Aveng, the top construction company in SA, posted “a drop in full year profit,” reports IOL. The company says that “weakness in its domestic con... ››› more
  • [10 September 2013]
  • Competition Tribunal confirms settlements with construction firms
  • The Competition Tribunal sanctions the Competition Commission's settlement with the construction companies guilty of bid-rigging. After addressing the legal side, the companies in question now have to pay their fines, amounting to R1.46 billion… Yesterday saw the Competition Tribunal confirming “settlement agreements reached” with construction firms “fined for collusive tendering,” say... ››› more
  • [23 July 2013]
  • Watchdog verdict: Prosecute construction cartel for bid-rigging
  • Following bid-rigging by construction firms over World Cup tenders and other projects, yesterday Corruption Watch said that directors of the firms who had knowledge of the collusion should face prosecution. At the end of June, 15 construction firms agreed to pay fines amounting to R1.46 billion by the Competition Commission. But it looks like this saga is anything from over… Yesterday, saw a h... ››› more
  • [18 July 2013]
  • Seven construction firms collude to agree on a 17.5% profit margin on World Cup tenders
  • After much publicity surrounding the construction ‘cartel's' bid-rigging, the Competition Tribunal published some documents relating to the investigation. Read on to find out more about what's going on… In documents published by the Competition Tribunal, “seven major construction and engineering firms met secretly in 2006 to allocate tenders” for projects for the World Cup, reports Fin24... ››› more
  • [16 July 2013]
  • Is sabotage to blame for the delay at Medupi?
  • After Eskom's announcement yesterday that further delays have hit its Medupi plant, news is emerging that sabotage of the project is to blame. Now Eskom claims it's seeking financial reimbursement for the delays at the new power plant. This setback brings with it a higher risk of power shortages, a reality that we're all too familiar with. Let's see what's going on… Earlier today, the accusati... ››› more
  • [09 July 2013]
  • R1.46 billion: That's how much bid-rigging cost 15 construction firms
  • The results of the Competition Commission's investigation into the construction industry are shocking. Today, it emerged that so far 15 firms have agreed to fines amounting to R1.46 billion for participating in collusive behaviour with other companies. Let's see what the investigation unearthed… Today, members of the Competition Commission confirmed that the body had “investigated 140 projec... ››› more
  • [24 June 2013]

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