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Australia: Prysmian to pay US$2.3m for cartel conduct

By  |  August 1, 2017

An Australian court has ordered power cables company Prysmian to pay AU$3.5 million (US$2.4 million), halving the penalty originally requested by the Australian Competition and Consumer Commission (ACCC).

The Court found in July last year that Prysmian had entered into and given effect to agreements involving price guidance to competitors and project allocation. The contravening conduct related to an Australian project in 2003 to supply high voltage land cables and accessories to the Snowy Mountains Hydro Electric Scheme.

“This penalty takes into account that, although Prysmian’s conduct was serious and deliberate, it occurred over a relatively short period of time in 2003. As Prysmian did not secure the contract to supply the Snowy Mountains scheme, Snowy Hydro did not suffer a loss from the conduct. However, the ACCC had submitted that a penalty of $7 million was appropriate and we will carefully consider the judgement,” ACCC Commissioner Sarah Court said.

Full Content: ACCC

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