Patel says construction fund will be ‘open to public scrutiny’

Economic Development Minister Ebrahim Patel has pledged that all transactions pursued under the R1.5-billion Tirisano Fund – which is to be capitalised by the seven the construction companies that recently signed up to the Voluntary Rebuilding Programme (VRP) – will be “be open to public scrutiny”. Under the VRP, Aveng Grinaker-LTA, Basil Read, Group Five, Murray & Roberts, Raubex, Stefanutti Stocks and WBHO have pledge to establish the development to fund as part of a broader seven-year transformation package negotiated in the wake of findings of widespread collusion in the sector, which resulted in 15 firms being fined a combined R1.46-billion in 2013.