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.

Get daily Slovak news directly to your inbox

Top stories

Better times ahead for the Calvary in Bratislava

The last preserved station was restored this summer.

The last preserved station of the Stations of the Cross in Bratislava

Why you need to buy a belt

On this Black Friday, with society teetering on the brink of chaos, I ask that we all do our part.

Roundup: Bratislava’s Old Market Hall hosts Christmas markets

If you have not watched the 'Dracula' miniseries, filmed in Slovakia last year, it is about time.

Bratislava’s Old Market Hall will provide visitors with Christmas vibes in the coming four weeks. Each week, from Wednesday to Saturday, people can do a little bit of Christmas shopping at the venue.

Fico admits to ties with Bödör

Former prime minister stands by his praise for the state secretary who confessed to corruption and court interference.

Robert Fico during his November 26 press conference.