Truck maker Scania to appeal $1 billion fine over price fixing charges
Scania Group said it would appeal a decision by the European Commission to charge the truck maker with a 880.5 million euro ($1.03 billion) fine for fixing truck prices between 1997-2011.
“Scania strongly contests all the findings and allegations made by the European Commission, the company said in a statement. Scania added it “has co-operated fully with the European Commission by providing it with requested information and explanations throughout the entire investigation period.”
Scania is a unit of Volkswagen AG. The European Commission ruled against the truck maker one year after five competitors reached an agreement over charges of price fixing and how to pass on costs of new emissions technologies.
Scania previously set aside $470 million to cover a potential penalty after the manufacturers were fined about 3 billion euros. The other companies involved in the scandal were Daimler, DAF, Iveco, MAN and Volvo/Renault.
"This cartel affected very substantial numbers of road haulers in Europe, since Scania and the other truck manufacturers in the cartel produce more than nine out of every 10 medium and heavy trucks sold in Europe," Margrethe Vestager, European Union competition commissioner, said in a statement.
