ERJ staff report (LMH)
London –Eni SpA, Italy’s largest oil company, faces an additional fine of €90.75 million for its part in the collusion of prices of synthetic rubber in 2006, Reuters reports.
Eni was fined €272.25 million by the European Commission in 2006 for participating in the cartel along with five other companies, including Bayer, Dow Chemical Co. and Shell. The companies won a court case in 2011 against an additional sanction for repeat offenders, after Europe’s second-highest court said the commission had not explained its reasoning clearly, Reuters noted.
The European Commission is said to have provided more details on the issue, allowing it to go ahead with new fine. It has informed Eni and its Versalis unit of plans to reimpose an increase in the fine, amounting to €90.75 million, because it was a repeat offence.
Reuters reported that Eni can request an oral hearing to defend its case.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.