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Spain: Two win, two lose appeals of asphalt cartel fines

By  |  September 16, 2013

Two companies partially won appeals of fines issued for their participation in an asphalt cartel, while two other companies’ appeals were denied by the EU General Court Monday, say reports.

Repsol and Cia. Espanola de Petroleos both failed in their bid to have fines overturned; Nynas and Galp Energia had their fines trimmed to $11.1 million, down from $11.5 million.

The European Commissioned issued sanctions against the companies in 2007 for a cartel found to have acted between 1991 and 2002; an investigation found the companies colluded to fix pries and share market sensitive information in the market for bitumen, which is used in asphalt for road construction.

At the time, Europe’s second-largest oil giant BP earned immunity from fines for being the first to come forward with details of the cartel.

Full Content: Businessweek

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