South Africa’s largest investor, the Public Investment Corporation (PIC), says construction firms recently fined R1.46bn for colluding to fix tenders for soccer stadiums, roads and other major projects, should claw back bonuses from the crooked executives who fixed the projects.

The South African Property Owners Association (Sapoa) has added it voice to the condemnation of collusion in the building sector.

Various cities across South Africa are planning to lodge civil damages claims against construction firms involved in the development of their respective 2010 FIFA World Cup stadiums.

Werksmans Attorneys director Paul Coetser says the Construction Fast Track Settlement Process has worked well.

The Competition Commission has reached a settlement with 15 construction firms, who have agreed to pay fines to the tune of R1.46 billion for collusive tendering.

Aveng advised that it anticipates that its earnings per share and headline earnings per share for the year ended June 2011 will be 30% to 40% lower than 480.3c and 483.6c of corresponding period.

The Competition Tribunal has confirmed the settlement agreement between the Competition Commission and Aveng after one of its subsidiaries was found guilty of cartel activity.

Construction group Murray & Roberts' CEO, Brian Bruce, has referred to collusion in SA as endemic.

The Competition Commission has entered into a settlement agreement with Aveng, trading as Duraset in which it admits that it took part in the mining roof bolts cartel.