ChannelNewsAsia: Five oil companies back in court over Swedish price-fixing cartel
“competition authority… asked that the fines for Statoil, OK-Q8, Norsk Hydro, Preem and Shell be raised to a total of 369 million kronor (40.2 million euros, 49.3 million dollars)
Posted 24 August 04
STOCKHOLM : Five oil companies were back in court in Sweden over a 1999 price-fixing cartel, with the Swedish competition authority demanding in appeal that the quintet’s fine be increased seven-fold.
In the first day of hearings at the Swedish Market Court, the competition authority, Konkurrensverket, asked that the fines for Statoil, OK-Q8, Norsk Hydro, Preem and Shell be raised to a total of 369 million kronor (40.2 million euros, 49.3 million dollars).
The five companies were found guilty by a Stockholm district court in April of violating Swedish competition laws in 1999 when they reached a number of agreements to implement simultaneous price cuts and promotional deals. read more
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