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Brazil: Authorities freeze assets of foreign metro bidders

By  |  November 10, 2013

Brazilian regulators have reportedly frozen the asses of foreign firms allegedly involved in a price-fixing scheme affecting an auction for metro rail systems in the country.

Reports say France’s Alstom, Germany’s Siemens, Japan’s Mitsui and others were allegedly involved in the cartel investigated by antitrust watchdog CADE for price-fixing. Judges say they have now frozen the assets of the accused companies, though declined to name specific firms.

A tender for Sao Paulo’s rail systems occurred between 1999 and 2009, during which CADE probed price-fixing by several foreign companies involved in the auction. Last August, state regulators launched their own investigation into the matter based on CADE’s findings.

Full Content: Tribune

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