EU Hits Suspected Car Glass Cartel With Charges

Looking into supply quotas and price agreements for motor vehicle manufacturers in Europe.

EU regulators filed formal cartel charges on April 23 against unnamed companies making glass for car windows, taking the first step in legal action that could lead to millions of euros in fines. The companies "may have allocated customers and agreed on supply quotas and prices for most of the motor vehicle manufacturers in Europe, thereby restricting competition," the European Commission said .

The European Union's competition watchdog said that its suspicions were founded on an investigation its trustbusters carried out after launching inspections in February and March 2005. Under EU rules, the companies targeted by the regulators' charges now have two months to defend themselves in writing against the accusations. If regulators are not satisfied with the answers, they can slap fines of up to 10% of the companies' worldwide annual revenues.

Copyright Agence France-Presse, 2007

TAGS: Regulations
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish