Veidekke ASA:The Norwegian Competition Authority's final decision in the asphalt case: Veidekke granted full leniency

Veidekke has received the final decision of the Norwegian Competition Authority in the so-called asphalt case. This establishes that it was at Kolo Veidekke in Trøndelag that a breach of the Competition Act occurred during the period 2005-2008. It further states that Veidekke is granted full leniency, which means that Veidekke has been released from the fine of NOK 220 million.

In October 2011, Veidekke received notification of a pending decision by the Norwegian Competition Authority. In addition to the circumstances in Trøndelag, the notification also contained information about a possible individual contravention in Møre og Romsdal in 2006. After further investigation, the Norwegian Competition Authority found that there was no contravention of the Competition Act in Møre.

It was Veidekke itself that notified the Norwegian Competition Authority as soon as its management received indications that the company could have been involved in collaboration in contravention of the Competition Act. This occurred in January 2010. Since that time, Veidekke has put in considerable work in order to assist the Norwegian Competition Authority in getting to the bottom of the matter, and is happy that the Norwegian Competition Authority has confirmed in its decision that Veidekke has fulfilled its obligations to cooperate. It is these circumstances that have led to the Norwegian Competition Authority granted Veidekke full leniency.

"We regret that contraventions of the Competition Act have occurred within the company.  At the same time, we are happy to note that the Norwegian Competition Authority's decision shows that this violation of the law is not an expression of a defective culture within the company. Investigations have confirmed that there was a single person behind the illegalities, and that person is no longer employed by the company," says President & CEO Terje R. Venold.

"We are pleased to note that the Norwegian Competition Authority has confirmed in its decision that we have  fulfilled our obligation to cooperate, and we are appreciative of the professional and constructive cooperation we have had with the authority ever since we notified them about the case ourselves," says Venold.

For more information, please contact:
Executive Vice President, Communication, Kai Krüger Henriksen, tel. (+47) 21 05 77 04 / (+47) 905 19 360 m, kai.henriksen@veidekke.no

Veidekke is one of Scandinavia's leading contractors and property developers with a turnover of NOK 20 billion (2012) and 6,300 employees. Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates, and road maintenance. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals.  Veidekke is characterised by a strong corporate culture with employee involvement and co-ownership as important cornerstones. More than half of the employees are co-owners, holding around 20% of the Group's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.