Fairness agency wants tender riggers punished

Court

Court

GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – THE Competition Commission will seek the punishment of some companies for collusion when its tribunal looks into a number of issues on Wednesday.
The commission is to ask the Tribunal to confirm a R1,5 million settlement with security company Raite Security Services.
The commission found that Raite had colluded with Today’s Destiny when tendering for the provision of security services at Geoscience’s premises.
The investigation was initiated after the commission received a complaint by Geoscience, which had noticed the respondents priced in exactly the same way, with both companies pricing for three years without asking for price escalation.
Their contingency documents were also the same and even the inventory was similar.
Raite’s fine is 2,1 percent of its annual turnover for the year ended February 2016.
Today’s Destiny Trading agreed it engaged in tender rigging.
Its settlement agreement is to be heard with that of Raite Security Services.
Destiny has agreed to pay R50 000, which is 2,1 percent of its annual turnover for the year ended February, 2016 in connection with bid rigging charges.
Meanwhile, the tribunal will assess the proposed mergers between EOH Mthombo and Mars Holdings; Stellar Capital Partners and Prescient Holdings; Imperial Holdings Limited and Itumele Bus Lines and Vukile Growthpoint Healthcare Property and Vukile Property Fund.

CAJ News

Short URL: http://cajnewsafrica.com/?p=16711

Posted by on Nov 29 2016. Filed under Africa & World, Finance, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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