4 chemical companies found guilty of price fixing
Three out of four companies have to pay fines totalling to EUR 500,000.7 April 2008
BELGIUM - The Belgian Competition Commission has issued fines totalling almost half a million euros to three chemical companies found to have been involved in price fixing.
The fines are the biggest ever issued by the Competition Commission that was set up to ensure free and fair competition.
The German pharmaceuticals giant Bayer, the American companies Ferro and Solutia and the Italian company Lonza were all found guilty of fixing the price of a product that is used to make PVC.
However, only three of the four companies will have to pay the fine.
Bayer has escaped punishment as it was the first to admit that it had been involved in price fixing.
It is not the first time that Bayer has been caught making price fixing agreements with its competitors. The European Commission has already found Bayer guilty of unfair trading practices on several occasions.
The German company escaped punishment as it was always prepared to admit its guilt.
Nevertheless, earlier this year, Bayer was forced to pay a fine of EUR 29 million for having made a price-fixing agreement with a Japanese rubber company.
[flandersenews.be / Expatica]