| Author (Corporate) | European Commission: DG Communication |
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| Series Title | Press Release |
| Series Details | IP/09/1432 (7.10.09) |
| Publication Date | 07/10/2009 |
| Content Type | News |
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The European Commission imposed fines totalling €67,644, 000 on seven companies – ABB, AREVA T&D, ALSTOM, Fuji Electrics, Hitachi and Toshiba - for violating the EC Treaty’s ban on cartels and restrictive business practices (Article 81). Siemens also participated but was not fined because it revealed the existence of the cartel in question to the Commission. Between 1999 and 2003, Japanese and European producers of power transformers operated an oral market sharing agreement, referred to as a 'Gentlemen's Agreement', where they agreed that the Japanese members would not sell power transformers in Europe and that the European members would not sell power transformers in Japan. The power transformers in question are used to modify the voltage in electricity transmission networks. The fine for ABB was increased by 50% because it had previously taken part in a similar infringement. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1432&format=HTML&aged=0&language=EN&guiLanguage=en |
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| Subject Categories | Internal Markets |
| Countries / Regions | Europe |
