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The share prices of the major contractors involved were not hit by the news that 112 firms may be fined up to 10% of their turnover (see attached graphic).

As one analyst said: 鈥淭he contractors told the City about the investigation last year. We all saw this coming, which is why it was a bit of a damp squib.鈥�

Alastair Stewart, an analyst at Dresdner Kleinwort, agreed. 鈥淭his is a storm in an OFT cup. In most cases this has been a problem at a local level and the big contractors now have systems in place to stop it.鈥�

He said the larger firms would probably receive fines at the 鈥渟mall, single-digit millions-of-pounds level鈥�.

John Dodds, chief executive of Kier, said the possibility of fines was a concern. 鈥淚t focuses the mind, but the trouble is we can鈥檛 work out what it might be. What is a real concern to the industry though is how much time directors have had to set aside and how much we鈥檙e all paying out in legal fees.鈥�

I鈥檇 be very surprised if the OFT imposed fines of 10%.

Garvis Snook, Rok

Garvis Snook, chief executive of Rok, said the company was not directly affected by the possibility of fines. 鈥淭he investigation affects a couple of subsidiaries before we bought them, therefore the vendors would be liable for any financial penalties, not us.鈥�

He doubted that listed contractors would receive heavy fines. 鈥淚鈥檇 be very surprised if the OFT imposed fines of 10%. It may do if it proves there were backhanders, which there seem to be nine cases of, but I can鈥檛 believe for one minute that would involve listed companies.鈥�

But Kevin Cammack at finance house Kaupthing said: 鈥淭he OFT is hinting that there may be a hardcore which are more guilty than others. If this group is identified then fines could be heavy.

鈥淔or the rest, a rap over the knuckles and a small fine is more likely.鈥�