Page "Siemens" Paragraph 115

In January 2007 Siemens was fined € 396 million by the European Commission for price fixing in EU electricity markets through a cartel involving 11 companies, among which ABB, Alstom, Fuji, Hitachi Japan, AE Power Systems, Mitsubishi Electric Corp, Schneider, Areva, Toshiba and VA Tech According to the Commission, " between 1988 and 2004, the companies rigged bids for procurement contracts, fixed prices, allocated projects to each other, shared markets and exchanged commercially important and confidential information.

" Siemens was given the highest fine of € 396 million, more than half of the total, for its alleged leadership role in the incident.