Spain Fines Siemens, Alstom, ACS and 12 Others for Rigging Rail Contracts
27 Mars 2019 - 1:57PM
Dow Jones News
By Nathan Allen
Spain's competition watchdog has fined Siemens AG (SIE.XE),
Alstom SA (ALO.FR) and Actividades de Construccion y Servicios SA
(ACS.MC) and 12 other companies 118 million euros ($133.3 million)
for rigging public contracts awarded by rail-infrastructure
operator ADIF.
The regulator--known as CNMC--said the 15 companies that were
fined had operated as three separate cartels to manipulate the
contracting process over a period of 14 years.
On top of the EUR118 million, CNMC imposed fines totaling
EUR666,000 to 14 company directors who were found to be responsible
for the manipulation.
According to the watchdog, various configurations of the 15
companies conspired to illegally share out contracts relating to
the electrification of the high-speed AVE rail network, the
electrification of the regular rail network, and for the
installation and maintenance of high-speed rail equipment.
The total value of contracts awarded to the AVE-electrification
cartel reached EUR837 million, the regulator said.
Spanish construction group ACS's Cobra subsidiary was fined
EUR27.2 million, while Germany's Siemens was hit with a EUR16.8
million fine, the CNMC said. Alstom, which alerted the regulator to
the cartel activity as part of a whistleblowing program, was
slapped with an EUR8.8 million penalty.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
March 27, 2019 08:42 ET (12:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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