Nokia, Siemens cartel fined $148M in Spain

Friday, 01. October 2021 18:05

The Spanish National Commission of Markets and Competition (CNMC) has fined a "cartel" consisting of eight companies, including Siemens, Nokia, and ACS, a combined fee of $148 million on Friday.

According to the competition watchdog's statement, the companies rigged public contracts with the national rail infrastructure operator Adif, estimated at $4.75 billion in value, allegedly working together to "illegally share out the contracts" amongst each other, preventing other rail-signaling systems manufacturers to compete for them.

"This (more recent) cartel's practices have been particularly damaging since, in some cases, the effects of the fraud have lasted until 2040 due to the duration of some of the contracts," said CNMC, explaining their reasoning for the ruling.

Related Links: ACS Actividades de Construccion y Servicios, S.A.Siemens AGNokia Corp.
Author:
Breaking the News / TT