December 18, 2008 / 11:17 AM / 10 years ago

EU hails appeal dismissal in rubber cartel case

BRUSSELS, Dec 18 (Reuters) - European Union antitrust regulators welcomed on Thursday a court ruling that confirmed their 2005 fine imposed against four companies for operating a cartel in the rubber chemicals sector, a statement said.

In 2005, the European Commision ordered the companies to pay a combined 75.86 million euros ($109.1 million) for price-fixing and exchanging confidential information.

Of that amount, General Quimica and Repsol (REP.MC) of Spain were fined a combined 3.38 million euros and filed an appeal against the penalty in 2006 to the Court of First Instance (CFI), the EU’s second-highest court. That appeal was rejected.

“The Court of First Instance rejected the claims by the applicants, upheld the Commission’s finding of an infringement and confirmed the fine against the applicants,” the Commission said in a statement.

“The CFI particularly held that the Commission correctly established that Repsol YPF S.A. and Repsol Quimica S.A. although they did not participate themselves in the arrangements in question, are jointly liable for the conduct of their wholly owned subsidiary General Quimica S.A.,” the statement said.

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