Commission gives largest ever fines for cartel violations

5.42.52pm UTC (GMT +0000) Wed 21st Feb 2007

Commenting on the Commission's decision to fine four groups (Otis, KONE, Schindler and ThyssenKrupp) a record €998 million for operating a cartel in installing and maintaining lifts and escalators Sharon Bowles Liberal Democrat Competition Spokesperson said:

"I am delighted the Commission has a tough commitment to breaking up cartels across Europe. The behaviour of these companies is only made worse by the fact some of their contracts were made with hospitals where every single penny counts. It is not only a victory for the Commission it is also a victory for the taxpayer.

"Price fixing and collusion only brings less competition and higher prices. These companies have a responsibility to offer real, genuine prices for their goods and services.

This is a clear success for the Commission's leniency programme which gave KONE subsidiaries full immunity from fines as they were the first to offer information on the cartel. As a repeat offender the fine on ThyssenKrupp was increased by 50%.

ENDS