NEC, capacitor makers lose challenge to EU cartel’s $ 298 million fine

Band Foo Yun Chee

LUXEMBOURG, September 29 (Reuters)NEC Corp 6701.T and four other Japanese capacity makers on Wednesday lost their lawsuit against a € 254 million ($ 298 million) fine from the EU for participating in a cartel for more than a decade.

The European Commission in its 2018 decision declared Elna, Hitachi Chemical, Holy Stone, Matsuo, NEC Corp, Tokin, Nichicon 6996.T, Nippon Chemi-Con 6997.T and Rubycon had fixed prices for the supply of aluminum and electrolytic tantalum. capacitors.

They said the deal took place between 1998 and 2012 and that while the meetings between the participants took place in Japan, the operation was on a global scale.

NEC, Nichicon Corp, Tokin, Rubycon and Nippon Chemi-Con subsequently challenged the fine imposed on the European competition authority before the Luxembourg Court, the second highest in Europe.

The judges confirmed the EU’s decision.

“The General Court upholds the fines imposed by the Commission on several companies for their participation in a cartel on the market for aluminum electrolytic capacitors and tantalum electrolytic capacitors,” they said.

Capacitors are used in electronic products such as smartphones, household appliances, automotive electronic systems, and wind turbines.

Businesses can appeal to the EU Court of Justice, the highest in Europe.

Sanyo Electric Company MATEIH.UL and Panasonic Corp 6752.T avoided a fine because they alerted the EU competition authority to the cartel.

The cases are T-341/18 Nec / Commission, T-342/18 Nichicon Corporation / Commission, T-343/18 Tokin / Commission, T-344/18 Rubycon and Rubycon Holdings / Commission and T-363/18 Nippon Chemi -Con Corporation v Commission.

($ 1 = € 0.8537)

(Reporting by Foo Yun Chee; editing by Jason Neely)

(([email protected]; +32 2 287 6844; Reuters messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Previous Former Bitcoin Lead Developer Predicts BTC Network Disappearance ... With Major Silver Lining
Next First Hawaiian - Consensus points to downside potential of -1.9%