EU: Commission to punish Goldman Sachs, cablemakers for price-fixing

The European Commission will issue fines to Goldman Sachs and various cablemakers, including the world’s largest, for fixing prices, according to sources.

Four sources told reporters late last week that the EU antitrust authority will penalize top cable manufacturer Prysmian, based in Italy, France-based Nexans, and several Japan-based firms for operating a cartel to manipulate product costs.

If true, the fines would follow similar sanctions by regulators in Australia, Japan and South Korea; the US Department of Justice is in the midst of its own probe regarding the allegations.

Goldman Sachs acquired Prysmian in 2005; the company reportedly declined to comment on the matter. But sources say the Commission will lodge the fines before April 20.

Swiss engineering firm ABB reportedly first approached the Commission with evidence of price-fixing and would therefore not be fined under the EU’s leniency program, the sources said.

Full Content: Reuters

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