EU fines Goldman Sachs, cable firms in cartel case
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INVESTMENT bank Goldman Sachs, the world’s top cablemaker Prysmian, Nexans and eight cable companies were fined a total of 302 million euros (US$416 million) by EU antitrust regulators yesterday for running a cartel.
The power cable cartel ran for almost 10 years from 1999, with the firms sharing markets and allocating customers between themselves, the European Union antitrust authority said.
Prysmian received the biggest penalty at 104.6 million euros, which included a joint fine of 37.3 million euros with Goldman Sachs. The bank acquired the Italian company through one of its private equity funds in 2005 but has since sold its holding.
The European Commission said other cartel members included Japanese cable firms Exsym Corp, J-Power Systems Corp and Viscas Corp, Korean peer LS Cable & System and General Cable Corp via its subsidiary Silec.
“Part of this plan was to allocate important high voltage power cable projects in the European Economic Area, including large infrastructure and renewable energy projects such as offshore wind farms,” the commission said.
Danish company NKT Holding, which received a 3.9-million-euro penalty, said it would challenge the decision in court.
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