Editor: Chris Sleight

Source: Construction Europe, KHL Group

The European Commission has handed out the biggest fines in its history to a cartel of five companies involved in the sale, installation and maintenance of elevators and escalators across Belgium, Luxembourg, Germany and The Netherlands.

Otis, Kone, Schindler and ThyssenKrupp have been found by the Commission to have operated restrictive business practices from at least 1995 and 2004. Mitsubishi Elevator Europe was also found to be involved in the Dutch cartel.

The companies are said to have illegally allocated work, exchanged confidential information, rigged bids, fixed prices and set market quotas. Senior national executives including managing directors and sales directors are said to have participated in regular meetings to agree these illegal practices.

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Posted by pichu at February 22, 2007 3:23 PM