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Akzo, Ciba and Elf Aquitaine plastic firms fined

Thursday, 12 November 2009

Akzo, Ciba and Elf Aquitaine plastic firms fined

Akzo, Ciba and Elf Aquitaine plastic companies are among a group of firms that have been fined 173m euros ($260m; £156m) by the European Commission. They have received these fines because they were found guilty of price-fixing and setting up a market-sharing cartel.

The case came to light because of details that had emerged about heat stabilisers used in packaging, credit cards and plastic bottles.

Competition Commissioner Neelie Kroes is reported to have pointed out that "breaking the law does not pay".

Kroes also said that increased penalties would be given to any firms that offended again and that it was to be hoped that companies would learn not to risk getting into such trouble again.

A grand total of 24 firms belonging to 10 separate corporate groups are being penalised for their wrongdoing.

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