« Previous post | Next post »
AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Independent investigation confirms Altron´s adherence to due process Independent investigation confirms Altron´s adherence to due process Allied Electronics Corporation Limited (Registration number 1947/024583/06) (Incorporated in the Republic of South Africa) Share code: AEL ISIN: ZAE000191342 ("Altron" or "the company") INDEPENDENT INVESTIGATION CONFIRMS ALTRON´S ADHERENCE TO DUE PROCESS Shareholders are referred to the announcement released by the company on SENS on 15 December 2017 with regard to the Competition Commission investigation into three Altron subsidiaries, together with 12 other businesses, with respect to the award of the Digital Terrestrial Television ("DTT") Set-Top Box tender issued by the South African Government in 2014 ("the DTT tender"). Altech UEC, one of the Altron subsidiaries referred to, responded to the DTT tender in 2014, but was ultimately unsuccessful in its bid to secure the tender. Subsequent to the Competition Commission inquiry, Altron appointed Bowmans, an external legal firm, to conduct an independent investigation into the allegations. Bowmans has subsequently finalised its investigation into the Altron subsidiaries´ alleged collusion in the award of the DTT tender and has concluded that in their opinion there was no anti-competitive conduct on the part of these entitles, particularly with regard to tender collusion and/or price fixing. The Altron Board is satisfied with this finding and again confirms that Altron obeys the laws and regulations of all countries in which it operates and remains committed to uncompromising ethical business practices through stringent corporate governance. Johannesburg 22 February 2018 Sponsor Investec Bank Limited Date: 22/02/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.