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EU slaps record $3 bil. cartel fine on truck firms www3.nhk.or.jp
The European Union has slapped a record fine of 2.9 billion euros, or 3.2 billion dollars, against Europe's top truck producers for taking part in a cartel over 14 years.
EU Antitrust Commissioner Margrethe Vestager told reporters on Tuesday that EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF colluded to keep prices artificially high at the expense of consumers.
Germany's Daimler received the biggest fine of 1.1 billion dollars, followed by 832 million dollars for DAF of the Netherlands. Volvo/Renault received a fine of 741 million dollars, and Italy's Iveco will have to pay 546 million dollars.
Volkswagen-owned MAN informed the European Commission about the cartel and escaped a 1.3 billion dollar fine.
Vestager said it is not acceptable that the 5 firms had been taking part in a 14-year cartel until 2011, and colluded on pricing and passing on the costs for meeting environmental standards to their customers.
The targeted companies account for 90 percent of the medium and heavy trucks produced in Europe.
Published Date:2016-07-20
