Stefanutti has settled all collusion cases

14 November 2014

Stefanutti Stocks was confident that it would suffer no further financial exposure from the Competition Commission’s case of collusive tendering that has now been referred to the Competition Tribunal, with CEO Willie Meyburgh saying that the firm had settled all cases with the commission.

Meyburgh said the commission had informed Stefanutti that the charge against it related to specific meetings that had taken place, and that Aveng’s statement to the commission had implicated Stefanutti.

Stefanutti had, however, during a past process, proved to the commissioner that the company had “no direct or indirect involvement in these meetings”, following which the commission dropped the charges.

Last year the commission indicated in a statement that Stefanutti had been involved, but the firm fought this and the commission apologised in the media.

“I can categorically say we have never been part of those meetings directly or indirectly, and the Competition Commission has already withdrawn that charge [once before],” Meyburgh said, stating the company was, therefore, “quite confident” going into the process.

Meanwhile, Stefanutti improved its financial performance in line with expectations during the six months ended August 31, having increased its net profit after tax by 31.9% to R88.6-million.

By: Leandi Kolver

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