Kema Wants Compensation

Kema makes demand for financial compensation

Phindi Kema. Will she get her way?

Phindi Kema. Will she get her way?

Phindi Kema, the Executive Chairman of Africa Race Group (Pty) Ltd is demanding the South African Competition Commission determine how it intends to compensate the company and its shareholders.

This is for so called ‘financial distress’  caused by a two year long investigation against Phumelela Gaming and Leisure Ltd, Gold Circle and other racing entities.

 The Competition Commission had until yesterday to continue its investigation into the Horseracing industry case once it is granted its request for an extension by the complainant.

Speaking via her London based Public Relations Consultant, Kema advised that the Competition Commission urged her to consider granting it a third extension after the Competition Commission acceded to ARG’s demand for a report on the matter.

ARG granted the Commission an initial extension last year and another, until today, June 18th 2013.

ARG has consulted its lawyers and granted the Commission the requested extension “subject to the condition that its costs will be covered from any fine that is imposed on the parties that are being investigated”. The Commission has yet to respond to this request.

“If the ‘bad guys’ can receive leniency what is the consideration for the victims of their anti competitive behaviour? Surely there is an imbalance.  It’s important to understand that the matter is commercial in the first place and it is this reason that I believe the Commission should cover our costs from the fine. The delays have caused myself, the company and its investors great financial distress and a lost transaction. We need a guarantee from them that this will happen,” said Kema.

Last week ARG wrote to the South African Competition Commissioner asking for an account of its findings and activities over the last two years in relation to the long-running anti-competitive investigation.  The Competition Commission has made the report available to ARG.

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