Aveng To Pay $18M To End S. African Antitrust Probes

Law360, New York (March 1, 2011, 1:53 PM EST) -- Aveng Ltd. will pay a nearly 129 million rand ($18.5 million) fine to settle a pair of antitrust cases accusing its steel-making unit of fixing prices, the South African construction firm said Tuesday.

The settlement covers two complaints that South Africa's Competition Commission brought against Aveng's Steeledale subsidiary for allegedly participating in cartels in the steel mesh and reinforcing steel bar markets, Aveng said.

The 128.9 million rand administrative fine amounts to 8 percent of Steeledale's turnover for its financial year ending in June 2008. In...
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