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Nynas
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« ETHICAL » RATING OF NYNAS
, group
and subsidiaries
[ ?] |
| Delinquency: 1 act(s) of financial or trade delinquency |
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year | financial misdemeanor | | | | | source |
| 2007 |
The European Union fined Repsol YPF and Cepsa more than 80 million euros each, AB Nynas Petroleum and Galp Energia up to 10 million euros for fixing the price of a key asphalt ingredient. The European Commission said the cartel fixed prices, sales volumes and market quotas from at least 1991 to 2002. The market was worth up to 286 million euros at the time. BP won full immunity and did not have to pay its 66.42 million euro
"It is unacceptable that these companies cheated customers, public authorities and taxpayers in Spain for almost 12 years by carving up the market," said EU Competition Commissioner Neelie Kroes. "The Commission will not tolerate such illegal activity by companies to swindle clients and we will continue to impose stiff penalties on offenders," Kroes said. As BP was the first company to come forward with information on the cartel, it received full immunity and did not have to pay its 66.42 million euro. |
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