TRUCK CARTEL FACES FINE
BRUSSELS – European Union (EU) regulators are set to inflict a record fine this week against several of Europe’s biggest truckmakers that are accused of colluding to rig higher prices.
Volkswagen-owned MAN and Scania, as well as Daimler, DAF, Iveco and Volvo are accused by the European Commission of running a cartel from 1999 to 2011. “The decision could land as early as Tuesday (today),” one source said.
A spokesman for the commission, the EU’s regulatory arm, refused to comment.
If confirmed, the fine would be second major decision this month by Margrethe Vestager, the EU’s competition commissioner who last week filed new anti-trust charges against US internet giant Google.
The rap sheet against the five European companies would also counter accusations by Washington that Vestager unfairly targets US firms.
The investigation is based on raids carried out on large truck manufacturers in 2011, based on a tip-off by MAN.
The charge sheet includes accusations of price-fixing, but also alleges the existence of a secret agreement by the companies to delay the introduction of antipollution technology.
Volvo Trucks last month increased its provision in regards to the case to a total of ß650-million (about R10.4billion), in a sign that the final decision by the EU was imminent. The commission’s existing record of a ß1.5-billion fine dates back to 2012.
Seven TV and computer screen makers, including LG Electronics and Philips, were found guilty of running a decade-long price-fixing scheme. –