The European Commission has fined a world-wide cartel involved in the production and sale of Marine hoses, used to transport crude oil to and ships. Investigations triggered by an immunity application by one of the cartel members, Yokohama of Japan, revealed that the cartel functioned across the globe from 1986 to 2007. The participants included Parker ITR, Manuli, Bridgestone, Dunlop Oil and Marine, Yokohama and Trelleborg, and they met at regular intervals to fix prices and exchange information in locations across Europe, Asia and the United States. Bridgestone and Parker ITR’s fines were raised by 30% owing to their leadership role in the cartel and Manuli’s fine was reduced by an equal margin for co-operating with the investigation. Yokohama received complete immunity from fine under the leniency programme for being the first cartel member to approach the European Commission.
The fine is not the end of it as the companies are also subject to damagesclaims by individuals or firms who have suffered loss due the the cartel.
.Source: EC report
Terraflex Industries is a leading manufacturer of extruded plastic products, technical and marine hoses and PVC compounds. Delivering custom solutions in PVC compounds for all technical, industrial and commercial applications.
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