South Africa’s PIC Wants World Cup Stadium Builders PunishedJaco Visser
South Africa’s Public Investment Corp., the continent’s biggest fund manager, said it wants company officials punished who allegedly colluded to set prices in the building of World Cup stadiums.
PIC, which manages more than 1 trillion rand ($101 billion) of mostly government workers’ pensions, wants “serious penalties” for individuals at builders who received bonuses for activities that were allegedly unlawful, Chief Investment Officer Dan Matjila said by phone today. South Africa’s competition tribunal is meeting today and tomorrow to decide whether to approve a 1.5 billion rand fine agreed between 15 construction companies and the antitrust authority.
“We would like to see them at least get punished somehow and for that we expect the boards to take the lead in assisting us,” he said. “We are investors. We look up to the board to run the company on our behalf.”
Grinaker-LTA, Wilson Bayly Holmes-Ovcon Ltd., Murray & Roberts Holdings Ltd., Group Five Ltd., Concor, Basil Read Holdings Ltd. and Stefanutti Stocks Holdings Ltd. met twice during or about 2006 and agreed to exchange cover prices, allocate tenders and aim for a 17.5 percent margin in building six World Cup stadiums, the Competition Commission said in documents published on its website.