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EU: Cable cartel fined, operated on a ‘worldwide scale’

By  |  April 2, 2014
EU: Cable cartel fined, operated on a ‘worldwide scale’

The European Commission has fined 11 high voltage power cable manufacturers fines totaling $416 million, the regulator announced Wednesday, announcing findings from an investigation that found the companies had collude “on an almost worldwide scale.”

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    European Commissioner Joaquin Almunia announced the penalties for six EU companies, two South Korean companies and three Japanese companies. The firms were found to have operated a cartel between 1999 for about a decade, Almunia said, to divide up customer bases between each other.

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    Among the firms fined were the world’s largest cable maker Prysmian, as well as Goldman Sachs.

    The cables are run underground and under water usually to connect the power grid to power plants, reports say.

    Full Content: Reuters

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