This is a record in the history of European competition. The European Commission announced that it imposed a fine of 2.93 billion euros in a truck manufacturers cartel. An amount never seen before. The companies involved in this cartel are German MAN and Swedish Scania , both owned by Germany’s Volkswagen, German Daimler the Dutch DAF , Italian Iveco and Swedish Volvo . But the sentence is far from being the same.
Fine heaviest Daimler
Daimler gets the most fine heavy, or 1.01 billion euros. Volvo will have to pay a fine of EUR 670 400 000 and Iveco will pay 494.6 million euros. Finally, DAF Trucks , Paccar property, is penalized to the tune of 752.7 million euros. These four companies have admitted the facts in exchange for a 10% reduction in fines.
As for MAN , it was not ultimately sanctioned for alerting the EU executive. Scania , for its part, denied from the beginning participation in an illegal cartel and investigations about him are continuing.
The Commission could impose each group fines equivalent to 10% of their worldwide turnover, a classic level in this kind of business even if penalties rarely go up to that maximum. But given the market shares accumulated by the players and the duration of the alleged cartel, the extent of the fine was historic. The previous record imposed by the European Commission dates back to the end of 2012. The European Commission had ordered seven companies to pay a total of 1.47 billion euros for having agreed for ten years the price of CRTs from 1996 and 2006.
price cartel and emissions
“These truck manufacturers have agreed for 14 years on on the trucks selling prices and the possibility of passing on buyers costs of compliance with stricter rules on emissions, “said on Tuesday the European Commission.
the fine already provisioned in the accounts Volvo and Daimler
Volvo and Daimler have already arranged. In late November 2014, the Swedish group announced a provision of 400 million euros in the context of this case. Daimler for his part made a provision of € 600 million in its accounts for the fourth quarter 2014, after having had a provision in 2011 without ever revealing the amount.
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