News Content
Cartel activity could land European truck makers record fines
EUROPEAN truckmakers, including Daimler, Volvo and Renault, could face record-breaking fines over charges the companies fixed prices and colluded to delay new emissions-control equipment, according to London's Financial Times.
The fine could surpass the record EUR1.4 billion (US$1.6 billion) penalty imposed in 2012 over television-tube price fixing, as cartels face fines of up to 10 per cent of global revenue under European Union rules.
Sources close to the matter said the penalty could be imposed within weeks. The payments ordered from the truckmakers involved could total a maximum of EUR10.7 billion.
Among the companies, DAF NV has set aside $945 million to cover the possible penalties, while Daimler has prepared $672 million, Iveco Ltd $500 million and Volvo $444 million.
MAN SE, as whistle blower in the case, is expected to escape the fine.
The fine could surpass the record EUR1.4 billion (US$1.6 billion) penalty imposed in 2012 over television-tube price fixing, as cartels face fines of up to 10 per cent of global revenue under European Union rules.
Sources close to the matter said the penalty could be imposed within weeks. The payments ordered from the truckmakers involved could total a maximum of EUR10.7 billion.
Among the companies, DAF NV has set aside $945 million to cover the possible penalties, while Daimler has prepared $672 million, Iveco Ltd $500 million and Volvo $444 million.
MAN SE, as whistle blower in the case, is expected to escape the fine.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
