Quinn Group glass cartel fine is cut

Date: 7 December 2011
Source: http://www.rte.ie

Date: 7 December 2011

The European Court of Justice has reduced a €9m fine against the Quinn Group of companies.The European Court of Justice has reduced a €9m fine against the Quinn Group of companies, which were implicated in a cartel which illegally fixed the price of acrylic glass.

The company, which manufactures plastics used in household appliances, appealed the €9m fine which was imposed in 2006.



The European Commission had taken the case against a number of European companies which it accused of operating a cartel in the 1990s.



The companies were accused of discussing prices, agreeing, implementing and monitoring price agreements and the exchange of commercially important and confidential information.



The case dates back to the 1990s when executives were accused of meeting in a Dublin hotel to exchange sensitive data and fix prices. Following today's judgment the fine was reduced to €8.25m.



Earlier this year, IBRC, the former Anglo Irish Bank, appointed a share receiver to take control of the Quinn family's stake in Quinn Group, which includes the glass business.



Read more: www.rte.ie/news/2011/1130/quinn-business.html
600450 Quinn Group glass cartel fine is cut glassonweb.com

See more news about:

Others also read

MORE...

Solar Photovoltaic (PV) Power Market - Global Solar Photovoltaic Market Will Sustain its Growth Momentum
DALLAS, Texas, December 22, 2011 /PRNewswire/ --ReportsnReports adds new market research report 'Solar Photovoltaic (PV) Power - Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020' to its store.
New Product Allows Building Windows to Become "Solar Farms"
Proprietary laminate windows collect, store energy; convert it to electricityRIVIERA BEACH, FL – An innovative new patented technology transforms office building windows into "solar farms" and allows these structures to reuse collected energy and become self-sufficient in the event of a power outage.
Historically-styled windows contribute to modern comforts, architectural integrity, sustainability of U of MN Folwell Hall renovation
The University of Minnesota's historic Folwell Hall completed three years of extensive renovation, just time for the 2011 academic year.
AAMA Corporate Membership Renewal Process Opens, Recruitment Incentive Program Added
The renewal process for AAMA Corporate Members is now open. AAMA Corporate Membership is available to businesses involved in the manufacture, sale or service of fenestration products and is renewed on an annual basis.
Smart Hotel Bathroom Interiors
Today designers and architects are looking to the hotel bathroom as the new frontier of the guestroom, turning what has long been a mostly functional space into a haven and means of escape.
Glassman Glass Machinery has gained delightful harvest over 12 days after ZAK Glass Technology Exhibition during 8-11 December 2011, in Mumbai, India.
Glassman as one of the largest glass processing machine manufactures in the world presented ZAK Glass Technology Exhibition during 8-11 December 2011, in Mumbai, India.

Add new comment