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Goldman Sachs, Prysmian, others lose challenge against EU cartel fine

Reuters  |  LUXEMBOURG 

By Foo Yun Chee

LUXEMBOURG (Reuters) - Investment Goldman Sachs, the world's biggest cablemaker Prysmian, and eight other cable companies on Thursday lost their challenge against a 302 million euros ($353 million) EU fine.

The companies had appealed to the General Court, Europe's second-highest court, asking for the European Commission's 2014 decision to be thrown out and their fines reduced.

The EU antitrust enforcer said the group ran a power cable for almost 10 years from 1999, sharing markets and allocating customers between themselves. escaped a 33 million euro sanction by alerting the authorities.

The court rejected the appeals.

"The confirms the fines of over 300 million euros that the Commission imposed on the main European and Asian producers of (extra) high voltage power cables for their participation in a worldwide cartel," judges said.

was hit with the biggest fine at 104.6 million euros, which included a joint fine of 37.3 million euros with The acquired the Italian company via one of its private equity funds in 2005 but has since sold its holding.

The group said in a statement it would appeal the general court's decision at the EU's highest court, the

Other members were Japanese cable firms Exsym Corporation, and Viscas Corporation, Korean peer and via its subsidiary

Fines were also given to Danish company NKT Holding, South Korean firm Taihan Electric Wire, Mitsubishi Cable Industries, and Metals Ltd. Sumitomo and were J-Power Systems' previous owners.

Antitrust enforcers in Japan, and have already levied million-dollar fines against cable companies for anti-competitive practices.

($1 = 0.8565 euros)

(Reporting by and Robert-Jan Bartunek; additional reporting by Agnieszka Flak; Editing by and Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 19:39 IST