A PYMNTS Company

Italy: Commission re-issues $119M fine for rubber cartel

By  |  March 1, 2013

A fine issued on Italian energy company ENI and its unit Versalis for partaking in a synthetic rubber cartel has been reinstated on the companies after a reversal by an EU court. The European Commission originally imposed a more-than $353 million fine on the companies in 2006. The General Court annulled the fine but the Commission has announced plans to reinstate the fine after addressing the court’s concerns. While those concerns were not reported, the Commission said that it would reinstate the fine based on the fact the companies “committed the same infringement twice,” according to reports.

 

Full Content: Fox Business

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