Business News

EU Court Upholds Fine for HSE

Luxembourg, 16 December (STA) - The EU Court had upheld a EUR 9.1m fine that the European Commission imposed in 2009 on power utility HSE over the involvement of its former subsidiary TDR Metalurgija in a cartel that fixed prices and shared markets in the calcium carbide sector between 2004 and 2007.

The ruling, handed down on Friday, suggests the court rejected the HSE's appeal arguments that it did not influence conduct at its subsidiary and should therefore not be fined.

The fine is part of a total penalty of around EUR 61m imposed on nine European suppliers of calcium carbide and magnesium-based reagents as a result of an investigation which the Commission launched in Austria, Germany, Slovakia and Slovenia in January 2007.

TDR Metalurgija, in Yugoslav times one of the biggest industrial companies in Slovenia, entered bankruptcy in 2006 and has since been wound down.

HSE offloaded its 91% stake in TDR to a private company in 2006 but that company has been liquidated as well.

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