European Commission: 34 million euro fine for cartel collusion
By the end of November 2017, European Commission imposed a fine amounting to 34 million euro on five car parts producers for participation in cartel collusion. The producers were penalised for price fixing on their products. Penalties were imposed on companies, which handle the delivery of steering wheels, airbags and belts for Japanese car producers operating within European Economic Area.
Participants of cartel secretly set prices for the products placed on the market. It may cause the maximisation of their profits, which directly affected the interests of consumers in European market.
Interestingly, the penalty was imposed on entities organized outside the Europe, based in Japan. The Commission stated that cartel could significantly affect the European market, as one in eleven cars sold in Europe is produced by Japanese company.
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