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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.

Full Content: Reuters

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