Spain Fines Rail Cartel – Involving Nokia & Siemens – $148 MILLION!
10/1/2021- 5:22 p.m.
Spain Fines Rail Cartel – Involving Nokia & Siemens – $148 MILLION!
The country’s competition watchdog has hit eight companies with massive penalties over the alleged rigging of public contracts for rail-signaling systems.
Between 2002 and 2017 the companies reportedly acted as a cartel to illegally share out contracts valued at 4.1 billion euros awarded by national rail-infrastructure operator Adif, the CNMC watchdog said on Friday.
While Siemens said it had “zero tolerance for corruption,” a Nokia Spox said the company believes it acted lawfully and will appeal.
The fines handed out to ten company executives totaled almost half a billion euros.
