Spectator on facebook

Spectator on facebook

Switchgear producers fined Sk 350 mln.

The Antitrust Office (PMÚ) handed down a Sk350-million fine to companies from across Europe and Asia for forming a gas insulated switchgear (GIS) cartel. The office said an agreement the companies signed in 1988 violates the European Commission Treaty's ban on restrictive business practices by allegedly fixing prices, carving up the global market and coordinating GIS public procurement procedures. The agreement covered business across the world, except the United States and Canada.

The Antitrust Office (PMÚ) handed down a Sk350-million fine to companies from across Europe and Asia for forming a gas insulated switchgear (GIS) cartel. The office said an agreement the companies signed in 1988 violates the European Commission Treaty's ban on restrictive business practices by allegedly fixing prices, carving up the global market and coordinating GIS public procurement procedures. The agreement covered business across the world, except the United States and Canada.

GIS is the main element at electricity distribution stations that regulates the flow of energy in electrical distribution networks.

The PMÚ said it launched the proceedings based on evidence obtained from one of the cartel participants, who asked for leniency in exchange.

The PMÚ fined Siemens AG the highest sum, at Sk40 million. Mitsubishi Electric Corporation and Toshiba Corporation got high fines as well, at Sk35 million each. SITA

Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Cloud computing becomes a standard

External servers are now much more secure than local business ones, according to experts.

Slovak firms have their eyes on the cloud.

Slovaks drink less and less

Behind the decline in alcohol consumption is, for example, the abandoning of the habit of drinking at work – typical especially during communism, according to an expert.

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska

Arca Capital enters the banking sector

Czech and Slovak financial group acquires a majority share in Austrian private bank Wiener Privatbank.

Bank, illustrative stock photo