Veidekke ASA : Veidekke ASA:The Norwegian Competition Authority's final
decision in the asphalt case: Veidekke granted full leniency
Veidekke has received the final decision of the Norwegian Competition
Authority in the so-called asphalt case. This establishes that it was at Kolo
Veidekke in Trøndelag that a breach of the Competition Act occurred during the
period 2005-2008. It further states that Veidekke is granted full leniency,
which means that Veidekke has been released from the fine of NOK 220 million.
In October 2011, Veidekke received notification of a pending decision by the
Norwegian Competition Authority. In addition to the circumstances in
Trøndelag, the notification also contained information about a possible
individual contravention in Møre og Romsdal in 2006. After further
investigation, the Norwegian Competition Authority found that there was no
contravention of the Competition Act in Møre.
It was Veidekke itself that notified the Norwegian Competition Authority as
soon as its management received indications that the company could have been
involved in collaboration in contravention of the Competition Act. This
occurred in January 2010. Since that time, Veidekke has put in considerable
work in order to assist the Norwegian Competition Authority in getting to the
bottom of the matter, and is happy that the Norwegian Competition Authority
has confirmed in its decision that Veidekke has fulfilled its obligations to
cooperate. It is these circumstances that have led to the Norwegian
Competition Authority granted Veidekke full leniency.
"We regret that contraventions of the Competition Act have occurred within the
company. At the same time, we are happy to note that the Norwegian
Competition Authority's decision shows that this violation of the law is not
an expression of a defective culture within the company. Investigations have
confirmed that there was a single person behind the illegalities, and that
person is no longer employed by the company," says President & CEO Terje R.
"We are pleased to note that the Norwegian Competition Authority has confirmed
in its decision that we have fulfilled our obligation to cooperate, and we
are appreciative of the professional and constructive cooperation we have had
with the authority ever since we notified them about the case ourselves," says
For more information, please contact:
Executive Vice President, Communication, Kai Krüger Henriksen, tel. (+47) 21
05 77 04 / (+47) 905 19 360 m, firstname.lastname@example.org
Veidekke is one of Scandinavia's leading contractors and property developers
with a turnover of NOK 20 billion (2012) and 6,300 employees. Activities
include building and construction projects, residential developments, asphalt
plants, gravel and aggregates, and road maintenance. Our values are
professional, honest, enthusiastic and pioneering. Our goals for health,
safety and the environment, HSE, have equal status with our financial goals.
Veidekke is characterised by a strong corporate culture with employee
involvement and co-ownership as important cornerstones. More than half of the
employees are co-owners, holding around 20% of the Group's shares between
them. The company is listed on the Oslo Stock Exchange and has never declared
a loss since it was founded in 1936.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Veidekke ASA via Thomson Reuters ONE
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