A PYMNTS Company

Brazil: Regulators vow to fine Siemens public transit cartel

By  |  August 14, 2013

Officials in Sao Paulo, Brazil vowed to recoup public funding the state had lost due to an alleged public transit cartel formed by Germany-based engineering firm Siemens. Reports say the state plans to sue the company to obtain lost funds to the cartel, which is accused of fixing prices for construction, equipment and maintenance of public transit. The state’s governor, Geraldo Alckmin, confirmed Tuesday that a case against Siemens would be open and that the state would “demand total reimbursement.” The lawsuit would follow a complaint lodged with Brazil’s antitrust agency CADE by the nation’s National Subway Operators Association. The nation’s struggling public transportation sector has lead to major public protests against inadequate public services and charges of government corruption.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.