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Spain: CNMC fines Urban Science for lying on income

 |  May 3, 2016

Spanish regulator CNMC has issued a fine on the company Urban Science España. The company is to pay 53,597 euros over its violation of Competition Laws, having provided incomplete, incorrect or misleading information in its income declarations used to calculate a previous fine, caused by the firm’s involvement in a price-fixing cartel.

On June 2015 the CNMC fined 21 carmakers and two automotive consulting firms (including Urban Science) with a combined total of 171 million euros over participation in the cartel. Urban Science España was found to be “a necessary participant in a cartel engaged in the exchange of confidential future and strategic information in the post-sale sector, from March 2010 to August 2013.”

The company was then fine 70,039 euros, equal to 2% of their total sales volume in 2013. The amount was calculated from income reports provided at the time by the company. It was during a review of the sanctions that the CNMC found this reported income volume was lower than the amount later reported in the company’s annual declarations, as posted with the country’s tax authorities.

Full Content: CNMC

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