EU Court Annuls Some Fines On Gas Insulated Switchgear Cartel

Date : 07/12/2011 @ 4:50AM
Source : Dow Jones News
Stock : Hitachi, Ltd. Common Stock (HIT)
Quote : 63.7  0.0 (0.00%) @ 2:05AM

EU Court Annuls Some Fines On Gas Insulated Switchgear Cartel

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The European Court of Justice annulled fines imposed by the European Commission on Japanese companies Mitsubishi Electric Corp. (6503.TO) and Toshiba Corp. (6502.TO) for participating in a cartel of gas-insulated switchgear products.

The General Court, the European Union's second highest court, confirmed the EUR50.4 million imposed on Hitachi Ltd. (HIT).

In March, the same court upheld a EUR397 million fine levied against German conglomerate Siemens AG (SI) for having operated in the same cartel, but it reduced penalties imposed on Siemens Austria subsidiaries and on French power generation firm Alstom S.A. (ALO.FR) and nuclear giant Areva S.A.

Gas insulated switchgear is heavy electrical equipment used to regulate electricity flows within power grids. It is a major component of power substations, where electrical current is converted from high to low voltage, or vice-versa.

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com

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