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Siemens AG, Mitsubishi Electric Corp and Toshiba Corp lose appeal over EU cartel fine-Reuters

Wednesday, 18 Dec 2013 07:00pm EST 

Siemens AG, Mitsubishi Electric Corp and Toshiba Corp:Lose an appeal at Europe's highest court over a ruling made in 2007 that they were part of a cartel selling electrical equipment-Reuters.The European Court of Justice (ECJ) said in a statement that the fine of 397 million euros ($546.4 million) handed down to Siemens, as well as the finding that Mitsubishi and Toshiba participated in the cartel were thus final.The European Commission had fined a total of 10 companies including Alstom and Areva in 2007 for taking part in a gas insulated switchgear cartel, with the 750 million euro total penalty.While Mitsubishi and Toshiba had succeeded in getting their fines annulled by the General Court of the European Union, the Commission has since recalculated the amounts, setting a 74.8 million euro penalty for Mitsubishi and 56.8 million for Toshiba.Siemens said it respected the decision of the court.Mitsubishi and Toshiba said they would fight to get the fines reduced. 

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