Col­lu­sion by any other name…

Finweek English Edition - - MARKET PLACE - Ed­i­to­rial@fin­

Wil­son Bayly Holmes’s trad­ing up­date had one of the cra­zi­est PR lines I have ever seen. Warn­ing of a fall in HEPS of be­tween 37.5% and 42.5%, the con­struc­tion com­pany com­mented that this was be­cause of its “so­cio-eco­nomic con­tri­bu­tion aris­ing from the Set­tle­ment Agree­ment signed with the Gov­ern­ment of South Africa”. In sim­ple English, this is a ref­er­ence to the large fine it is pay­ing as a re­sult of col­lud­ing on con­struc­tion con­tracts that the Com­pe­ti­tion Com­mis­sion busted it for. No­body is buy­ing the spin WBHO is try­ing to put on it and man­age­ment should rather fo­cus on run­ning the com­pany in­stead of spend­ing time com­ing up with the above non­sense.

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