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Article: Hungarian competition authorities slap HUF 702 mln fine on electric equipment cartel.
- Article from:
- Hungary Business News
- Article date:
- December 23, 2005
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Hungarian competition authorities slap HUF 702 mln fine on electric equipment cartel
BUDAPEST. DECEMBER 23. INTERFAX CENTRAL EUROPE - Hungarian competition authority GVH levied its third largest fine ever in a single case after whistle-blowing from a participant helped expose a cartel that operated on Hungary's market for electric gas-insulated switchgear (GIS) for 13 years running.
"Affiliates of the Alstom, Siemens, VA Tech and Areva groups formed a market-dividing cartel, thereby seriously breaching competition law. The Competition Council is therefore imposing a HUF 702 mln [USD 3.3 mln] fine on the participating companies," GVH said in a statement ...