UK: CMA looses criminal cartel case agains Kondea

The Financial Times reported on Wednesday that Nicholas Stringer and Clive Dean, who ran Kondea, were cleared of fixing the price of liquid storage tanks.

The current case involved Franklin Hodge Industries, Galglass, CST Industries and Kondea, which supply a range of sectors from industrial companies to supermarkets, care homes and hospitals.

According to the FT Mr. Stringer and Mr Dean were faced with “fierce competition between each other resulting in low margins of profit”, so they “dishonestly agreed together to implement arrangements between them to reduce the level of competition and allow them to increase their profit margins”.

The CMA said it accepts the verdict but that the case was brought under an old law that applies to conduct that occurred before April 2014, where they were required to prove dishonesty.

“We remain committed to investigating and prosecuting individuals who take part in cartels, which have a hugely detrimental effect on competition and to customers, whether businesses or consumers, who face paying higher prices and being offered less choice,” the CMA said.

Full content: The Financial Times

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