Thirty executives from 12 foreign companies have reportedly been charged with bid-rigging by Brazilian prosecutors who accuse the executives of forming an illegal cartel to manipulate the subway industry.
The Sao Paulo State Prosecutor’s Office said Tuesday that the executives come from a range of firms including Germany’s Siemens, Spain’s CAD, Japan’s Mitsui, and others from Canada, France and South Korea. The charges claim the individuals formed a cartel to hike subway and train system construction and upkeep costs.
Reports say five contracts struck between 1998 and 2008 are currently under investigation. The executives charged include both foreigners and Brazilians, reports say.
Full Content: SBS
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI