MANUFACTURERS OF CABLES: EU Court upholds fines against NEXANS and PRYSMIAN – Indices & Actions



[ad_1]

(AOF) – Nexans, Prysmian and 11 other cable manufacturers were dismissed by the General Court of the European Union when they sought the annulment or reduction of fines imposed on them by the Commission European. The latter had inflicted at the beginning of April 2014 more than 300 million euros in fines on several producers of underground and submarine (very) high voltage power cables for having participated in an anticompetitive agreement.

According to the Commission, from 1999 and for almost 10 years, the main European, Japanese and South Korean producers of electric cables participated in an agreement to restrict competition for projects in specific territories , by dividing the markets and customers and thus distorting the normal competitive process

The General Court validated that the Commission, when inspecting the premises of the undertakings concerned, produced hard copies of hard disks in the computers of the staff of those undertakings in order to retrieve relevant information from them at a later date in Brussels

In addition, the Court of First Instance held that the Commission is not required to examine the documents solely in the premises. the company; thus, it was right that it could continue the inspection on its premises in Brussels, in the presence of the lawyers of the companies concerned, considers the European jurisdiction.

Finally, the Commission was not obliged to advise the Belgian Competition Authority to continue the inspection on its premises in Brussels, since the examination of the documents did not start on the premises of an undertaking located in Belgium, but on the territory of other Member States

2018 Option Finance Agency (AOF) – All rights reserved by AOF. AOF collects its data from sources it considers the safest. However, the reader remains solely responsible for their interpretation and the use of the information made available to them. Thus the reader must hold AOF and its contributors unscathed from any claim resulting from this use. Option Finance Agency (AOF) is a brand of Option Finance Group

[ad_2]
Source link