EU fines lorrymaker Scania €880m for price fixing

EU fines lorrymaker Scania €880m for price fixing
File photo. Pic: dito - Elkawe.

European Union anti-trust regulators have hit Swedish lorrymaker Scania with an €880m fine for price fixing.

The European Commission, which polices competition, said on Wednesday that Scania had colluded with five other heavy vehicle makers for 14 years to fix lorry prices.

Competition commissioner Margrethe Vestager said "instead of colluding on pricing, the truck manufacturers should have been competing against each other, also on environmental improvements".

The Commission settled with other members of the cartel in 2016, but Scania refused to cooperate.

It says the company could have qualified for leniency if it had helped investigators.

AP

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