EU Court Annuls Some Fines On Gas Insulated Switchgear Cartel
July 12 2011 - 04:50AM
Dow Jones News
The European Court of Justice annulled fines imposed by the
European Commission on Japanese companies Mitsubishi Electric Corp.
(6503.TO) and Toshiba Corp. (6502.TO) for participating in a cartel
of gas-insulated switchgear products.
The General Court, the European Union's second highest court,
confirmed the EUR50.4 million imposed on Hitachi Ltd. (HIT).
In March, the same court upheld a EUR397 million fine levied
against German conglomerate Siemens AG (SI) for having operated in
the same cartel, but it reduced penalties imposed on Siemens
Austria subsidiaries and on French power generation firm Alstom
S.A. (ALO.FR) and nuclear giant Areva S.A.
Gas insulated switchgear is heavy electrical equipment used to
regulate electricity flows within power grids. It is a major
component of power substations, where electrical current is
converted from high to low voltage, or vice-versa.
-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88;
alessandro.torello@dowjones.com
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