EU Fines Siemens for Power Gear Cartel

EU regulators fined Siemens euro396.5 million ($517 million) on Wednesday for running a cartel to fix prices for heavy equipment used by power utilities.

They levied a total of euro750 million ($978 million) on 10 companies: Alstom SA, Areva, Fuji, Hitachi Japan AE Power Systems, Mitsubishi Electric Corp., Schneider, Siemens, Toshiba and VA Tech. The European Commission said the companies rigged bids for procurement contracts, fixed prices, shared projects between themselves, carved up markets and exchanged commercially important and confidential information. ABB received full immunity for blowing the whistle.