Volvo AB fined with 670.4 million euros, corresponding to 6 4 billion, for conspiracy by the European Commission. Stock Photography: Adam Ihse / TT
World Several truck manufacturers including Volvo, fined in connection with a cartel investigation. Volvo fines amounting to 670 million euros, according to Dagens Industri.
After a prosecution of the EU Commission for antitrust convicted Volvo reached 670 million, ie more than 6.3 billion.
Several other truck manufacturers death to a fine in the same settlement. German Daimler fined just over one billion euros to have had a key role in its creation. Dutch DAF receive a fine of 753 million and the Italian Iveco’s fine was EUR 495 million.
German men, part of the VW group, was also part of the cartel but avoid fines when there were men who revealed the cartel to EU Commission.
the verdict comes after a lengthy process in which Volvo already allocated money for the amount of damages, but the company recently raised its provision for the verdict 400-650 million.
– We have just received the Commission’s decision, so we need a little more time before we can express our opinion, says Joakim Kenndal, press officer at AB Volvo.
“Daimler, DAF, Iveco, MAN and Volvo / Renault have formed cartels. Now they have fined nearly three billion euros in total, tweeted the EU Commissioner for competition, Margrethe Vestager. “
Together they will then pay 2.93 billion euro, which is the highest condemned sum of cartels ever from the EU.
According to a press release Dagens Industri studied the subject is not owned by Volkswagen, Scania in the settlement. The investigation of Scania any fines continues as the Company has not made up with the EU yet.
READ MORE: Volvo threatened by billions fines
The text is updated.
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