Electrical giants cheat and monopoly to become market fined

Recently, the European Commission issued a fine of 67.6 million euros to six companies on the grounds of monopolizing the power transformer market.

Switzerland's ABB Company (ABB Ltd.), France's Areva SA and Alstom SA, Japan's Fuji Electrics Co Ltd., Hitachi Ltd. and Toshiba Corp. are accused of entering into an oral market share agreement, promising not to enter each other's market. The EU confirmed the charges were established on the 7th, so these transformer manufacturers in Europe and Japan were punished. Germany's Siemens AG also participated in the oral agreement but was not fined for revealing the cartel's existence to the European Commission.

Swiss ABB was fined 33.4 million euros for a criminal record, amounting to these companies. Areva's fines were reduced by 18% to 13.5 million euros in cooperation with the investigation. Alston faces a fine of 2.9 million euros. Among Japanese companies, Toshiba fines reached 13.2 million euros. Fuji Electric and Hitachi cooperated with the investigation and fines were reduced to 1.7 million euros and 2.5 million euros respectively. The market competition is fierce, but we should use normal means so that we can be the winner.