17 May 2011 22:01 [Source: ICIS news]
LONDON (ICIS)--The General Court of the EU has upheld a €59m ($84m) fine against French chemicals producer Arkema and its former parent Elf ?xml:namespace>
The court dismissed Arkema’s action for annulment of the European Commission’s ruling, saying the commission had acted in accordance with EU law, particularly since the company had infringed EU competition law before, which resulted in the fine being increased by 90%.The European Commission had imposed the fine in 2008, saying that the cartel allocated sales volumes, fixed prices and exchanged commercially-sensitive information from May 1995 to February 2000.
($1 = €0.70)
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