Industry hit with £130m fines after Office of Fair Trading finds 103 firms guilty of price rigging
Some of the biggest construction and maintenance firms in the country have been hit be multi-million pound fines following a five-year investigation into bid rigging by the Office of Fair Trading.
Over 100 firms were hit with fines of £130m after the OFT found them guilty of anti-competitive practices including bid-rigging and cover-pricing.
Kier suffered the largest fine of £17.9m. Other firms caught up in the investigation were Interserve, which was fined £11.6m, Balfour Beatty (£5.2m) and Galliford Try (£8.3m).
The OFT found six instances where firms had engaged in more serious anti-competitive behaviour, where successful bidders paid payments of between £2,500 and £60,000 to unsuccessful bidders.
Stephen Ratcliffe, director of UKCG, said the penalties were harsh but said contractors could no longer breach competition law.
He said: “Now the investigation is over, we must all move on and ensure that the companies who have been fined for past practices are not discriminated against in the future.”
Electrical and Mechanical Contractor