Truck maker Scania fined more than £770million for price-fixing

3

TRUCK maker Scania has been fined more than £770million for price-fixing.

The European Commission found it had broken anti-trust rules by colluding with five other firms over 14 years.

 Scania, owned by VW, has been fined more than £770million for price-fixing

AP:Associated Press
Scania, owned by VW, has been fined more than £770million for price-fixing

The cartel — which included MAN, Daimler, DAF, Iveco and Volvo/Renault — fixed prices and passed on costs of new emissions technology to customers.

The other five admitted taking part and in July 2016 were fined a combined £2.46billion. But Scania refused to cooperate, the commission said.

MAN avoided a penalty as it blew the whistle.

The companies make nine out of every ten heavy trucks in Europe.

Swedish firm Scania, which is owned by VW, still denies any wrong-doing and can challenge the regulator’s decision.

But Margrethe Vestager, the EU’s commissioner for competition, said: “Instead of colluding on pricing, the truck manufacturers should have been competing against each other — also on environmental improvements.”

 The firm denies any wrong-doing

Reuters
The firm denies any wrong-doing

Owners, including 2,000 British truckers, are now seeking compensation.

Rod McKenzie, of the Road Haulage Association, said: “Although it’s welcome that this cartel has been uncovered, it doesn’t help hauliers get their money back for over-payments.”

MOST READ IN MONEY

VEGGIE CLEVER

Morrisons launches £5 veg box that can feed a family of four for FIVE days

EPIC ANNOYANCE

These are the most complained about ads of 2017 – and none are banned!

WINNER DINNER

Aldi’s new low-calorie ready meals are a THIRD cheaper than Slimming World’s

PENSION PAIN

Millions of savers ‘only have 50/50 chance of receiving full pension benefits’

SUGAR HIGH

Sellers are flogging B&M’s sweet machines on eBay for almost DOUBLE the price

ALL CHANGE

The new £1 is in wide circulation but the clock is ticking to spend the old coin

Road closed after thousands of pizzas spilled onto tarmac following truck crash
SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here