Ten firms fined close to £60 last week by cartel-buster
Demolition contractor John F Hunt has said it wants to pay its fine for bid-rigging as quickly as possible.
The firm was handed a £5.6m penalty last week by the Competition and Markets Authority for its role in the scandal.
It was one of 10 fined a total of close to £60m by the cartel-buster following a four year investigation.
In a statement, the firm said: “John F Hunt had already provided fully for the amount of the fine within their Financial Statements for the year ending 31 March 2021 so the Group’s net asset value will not be impacted in this or future financial years. We also intend to settle the amount fully due to the CMA at the earliest opportunity with free cash that had already been set aside.”
It added: “The Group has fully cooperated with the CMA’s investigation and is fully committed to compliance with competition law. We have strengthened our competition law compliance measures and do not condone any activity which limits or restricts competition in the market.”
The firm was one of five that was found not to have been involved in making and receiving so-called ‘compensation payments’ on contracts by which, the CMA said, “the designated ‘losers’ of the contracts were set to be compensated by the winner”.
Keltbray, another firm not involved in compensation payments, has already said it will be launching an appeal against the level of its fine which is £16m.
Squibb, fined £2m and which contested the CMA’s initial findings last summer, has said it is mulling an appeal as well. It was also found not to have made compensation payments.
No comments yet