Spain fines Siemens, Nokia for $ 148 million rail cartel03. 10. 2021 Sunday / By: Robert Denes / Business / Exact time: BST / Print this page
M ADRID - (Reuters) - Spanish competition watchdog fined eight companies Siemens (SIEGn.DE), Nokia (NOKIA.HE) and ACS (ACS.MC) combined 127.3 million euros ($ 148 million) for allegedly procurement of rigging in connection with railway signaling systems.
Between 2002 and 2017, the companies acted as a cartel to illegally split contracts worth € 4.1 per cent awarded by the national rail infrastructure operator Adif, CNMC oversight said on Friday.
Siemens has stated that it wants the CNMC probe and has taken appropriate organizational and personnel measures before the fines are announced."Siemens has zero tolerance for corruption," the company said in a statement.
A Nokia spokesman said the company is fully cooperating with the CNMC investigation and believes it has acted lawfully.
“We will appeal the decision and ask for the sanctions to be suspended until the appeal,” the spokesman said.
The CNMC said the verdict followed the 2019 investigation, which disbanded into a similar cartel that is the same as corporate involvement and is doing the assembly of rail electrification contracts.
“This (newer) cartel practice was particularly damaging, as in some cases the effects of the fraud lasted until 2040 due to the duration of some contracts,” the supervisor said in a statement.A total of € 483,000 in fines was imposed on the company’s 10 executives, CNMC added.
A total of € 483,000 in fines was imposed on the company’s 10 executives, CNMC added.Via Link