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Competition Commission Update
Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/000032/06)
Share code: GRF
ISIN: ZAE 000027405
(“Group Five”)
Competition Commission Update
The Competition Commission of South Africa (“the Commission”) today hosted a media briefing
aimed at providing the public and affected stakeholders with an update on its investigation into the
construction industry, including details on the Commission’s Fast Track Settlement process,
following the Commission’s settlement agreements with 15 construction firms.
Group Five wishes to advise stakeholders as follows:
The group has co-operated pro-actively since 2009 with the Commission, at a very early stage of the
Commission’s investigations, and was the first company to approach the Commission in terms of
matters of collusion in the construction sector. As previously communicated, the group secured
conditional leniency from the Commission in terms of the Commission’s Corporate Leniency Policy in
return for full disclosure of all matters that the group was able to uncover during its internal
investigation process. The Commission launched its “Fast-Track” process in 2011, mainly as a result
of the group’s earlier co-operation. This triggered wider industry participation.
The group has consistently advised stakeholders that although the group received conditional
leniency, a zero fine could not be guaranteed until the full industry investigation was concluded.
Late on Friday afternoon, 21 June 2013, it came to the group’s attention that the Commission is
seeking a proposed administrative penalty which is higher than previously anticipated.
As outlined in the Commission’s statement today, Group Five is the company with the highest
number of projects (25) that received corporate leniency, which demonstrates the group’s
comprehensive and timeous disclosure. The group has as yet not reached settlement with the
Commission on four projects due to factual and evidentiary discrepancies between the Commission
and Group Five on these projects. The group is not obliged to accede to final settlement until its
matters have been fully investigated by the Commission. It has also been confirmed that Group Five
has time to settle on the same penalty terms as those companies who have settled in the Fast Track
process until the date on which the matter has been fully investigated and referred to the Tribunal.
The Minister of Economic Development in the media briefing this morning called upon companies
who have not yet settled to reach an agreement with the Commission. As has been Group Five’s
ongoing intention, the company remains committed to resolve the outstanding matters and in this
regard, the group has been in ongoing discussions with the Commission, as recently as this morning.
Based on the company’s current determination, and with reference to the Commission’s statement
appendix 2 issued today, the group can confirm that even if a penalty is imposed on these four
projects it does not expect the total final administrative penalty to materially adversely affect the
group’s liquidity. The company remains committed to reaching a resolution with the Commission
and will issue a further SENS announcement to stakeholders as soon as an update is available or
when a final agreement has been reached.
The group will continue to co-operate with the Commission.
_______________________________________________________________________________
Johannesburg
24 June 2013
Sponsor
Nedbank Capital
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