Former Phoenix exec charged in marine hose investigation

ERJ staff report (SS) Washington DC -- Uwe Bangert a former executive with Phoenix AG, a division of Conti Tech, has been charged for participating in a conspiracy to rig bids, fix prices and allocate market shares for sales of marine hose, in the US and elsewhere.

Bangert was charged by the federal grand jury in Fort Lauderdale, Florida, of violating the Sherman Act, meaning that he could face up to three years in prison and a fine of around $350 000.

In the US state court, violations occurring on or after 22 June 2004 entail a maximum prison sentence of 10 years and a fine of up to $1 million.

Bangert will not face as harsh a punishment as the other executives who have already been charged, because it has been noted that he only participated in the conspiracy between December 2000 and 31 July 2002.

Bangert left Phoenix in 2002, and was most recently chief executive of German packaging company, Haendler & Natermann GmbH.

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Press release from DOJ