Luxembourg court rejects appeal by Nováky chemical works

A general court in Luxembourg on Wednesday, December 12, rejected an appeal filed by the defunct Slovak chemicals producer Novácke Chemické Závody (NChZ) against the European Commission with regards to a fine imposed on the company in 2009 for its involvement in a cartel, Zuzana Trebulová from the EU Court of Justice press department confirmed.

A general court in Luxembourg on Wednesday, December 12, rejected an appeal filed by the defunct Slovak chemicals producer Novácke Chemické Závody (NChZ) against the European Commission with regards to a fine imposed on the company in 2009 for its involvement in a cartel, Zuzana Trebulová from the EU Court of Justice press department confirmed.

"A general court has rejected the appeal of Novácke Chemické Závody and [its former shareholder] 1. Garantovaná (1st Guaranteed) against the commission, which set the fine for the company at €19.6 million for violating European Union rules stipulating economic competition," reported Trebulová, as quoted by the TASR newswire. According to a commission representative, another avenue of appeal is still open – the European Court of Justice in Luxembourg. The respective general court maintains that the volume of the fine was appropriate given the circumstances and the seriousness of the case.

The European Commission in June 2009 imposed a fine worth €61 million in total on nine companies for entering into a cartel to fix prices for calcium carbide on European markets between April 2004 and January 2007. The Nováky-based plant and its former shareholder were ordered to pay the highest share, €19.6 million. The company subsequently filed for bankruptcy.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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