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The European Commission has imposed fines totalling €302 million on 11 producers of underground and submarine high voltage power cables for their involvement in a market and customer sharing cartel that lasted for ten years and operated throughout most of the world.
Most of the world´s largest high voltage power cable producers participated in the illegal agreements, including ABB, Nexans, Prysmian, J-Power Systems, VISCAS, EXSYM, Brugg, NKT, Silec, LS Cable and Taihan.
ABB received full immunity from fines under the Commission's Leniency Notice since it was the first to reveal the cartel to the Commission. J-Power Systems (and its parents) received a 45% reduction of the fine for cooperating with the investigation under the Commission's Leniency Notice.
The European Commission has used the cartel settlement procedure to fine three producers of steel abrasives a total of €30.7 million for their participation in an illegal price-fixing cartel. The Commission found that the companies had, over six years, colluded to discuss key components of their prices in the EEA and had also agreed not to compete on price for certain customers.
Three cartel participants received 10% reductions in their fines based on their agreement to settle the case with the Commission. A fourth cartel participant received full immunity from fines under the Commission's Leniency Notice.
This article was written by Paul Stone.
For more information please contact Paul on +44 (0)20 7203 5110 or firstname.lastname@example.org