The European Commission is adept at handing out massive fines for serious breaches of competition law and the recent €750m fine, levied on a cartel that included electronics giant Siemens, is no exception. Siemens received the largest fine of €423m.
The Commission concluded that for 16 years Siemens and ten other companies were engaging in price-fixing with regard to tenders for electrical switchgear. The arrangements were such that they had agreed informal 'market shares' and non-competition agreements and had improperly shared commercial information.
The arrangement came to light when ABB, one of the cartel members, 'blew the whistle'. ABB received no fine for its participation. Siemens and Toshiba, which was fined €86m, are said to be considering an appeal.
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