Investment bank Goldman Sachs, the world’s biggest cablemaker Prysmian, rival cablemaker Nexans, and eight other cable companies on Thursday, July 12, lost their challenge against a €302 million (US$353 million) EU cartel fine, reported Reuters.
The companies had appealed to the General Court, Europe’s second-highest court, asking for the European Commission’s 2014 decision to be thrown out and their fines reduced.
The EU antitrust enforcer said the group ran a power cable cartel for almost 10 years from 1999, sharing markets and allocating customers between themselves. ABB escaped a €33 million (US$38.7 million) sanction by alerting the authorities. The court rejected the appeals.
“The General Court confirms the fines of over €300 million (US$351.4 million) that the Commission imposed on the main European and Asian producers of (extra) high voltage power cables for their participation in a worldwide cartel,” judges said.
The group said in a statement it would appeal the general court’s decision at the EU’s highest court, the European Court of Justice.
Full Content: Reuters