A PYMNTS Company

Germany/Brazil: Engineering firm Siemens saves self under cartel leniency program

By  |  July 18, 2013

One of the largest engineering firms in Germany has reportedly turned itself in to regulators in Brazil in a price-fixing cartel case. Reports say Siemens has avoided criminal proceedings by approaching regulators and admitting to manipulating railway prices; the company was also accused of possibly partaking in a bid-rigging scheme to win rail project contracts in Brazil’s capital. Reports say other companies allegedly part of the cartel include firms from Canada, Spain and Japan; the collusion reportedly spiked contract bids by 10 to 20 percent their average quotes. The parties did not confirm when, exactly, Siemens approached regulators.

Full Content: DW

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