A PYMNTS Company

EU: New dawn raids ramp up oil-rigging probe

By  |  October 13, 2014

Just days after the European Commission announced that it had revived its investigation of allegations of oil benchmark-rigging, reports say the watchdog has probed a new company.

    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.

    Sweden-based ethanol producer Lantmaennen Agroetanol was raided by the Commission as part of the case, reports say. The company issued a statement confirming the searches, which it said took place on October 7.

    In the same statement, Lantmaennen said it “isn’t aware of anything illegal having occurred or if any employee has acted inappropriately.” The company said it is fully cooperating with the investigation.

    According to reports, the Swedish firm has been critical of industry benchmark publisher Platts, which was also raided as part of earlier searches in the case. BP, Royal Dutch Shell and Statoil were also searched, along with others, on suspicion that the companies colluded to manipulate the benchmark that sets the price of oil.

    Full content: Bloomberg

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