Business News
Court imposes huge fine on HeidelCement of Germany
Jun 26, 2009, 20:32 GMT
Heidelberg, Germany - A German court Friday fined HeidelbergCement 170 million euros (240 million dollars) for colluding with other cement manufacturers to fix prices, the German company said.
HeidelbergCement denied the charges and said it had already filed an appeal against the ruling from the state superior court in Dusseldorf.
'Until the Federal High Court issues a verdict, which is not likely before 2010, no down-payment or bond must be lodged,' the company added.
The case began when Germany's Federal Cartel Office imposed a fine on HeidelbergCement in 2003 for years of price collusion.
The company said Friday that it had won in Dusseldorf a one-third reduction in that fine, which had originally been 251.5 million euros, but would continue to challenge the ruling.
It contended that some factual findings by the court were wrong and its actions had not earned it any profit.
HeidelbergCement said it had set aside a sum in provision in case it did have to pay a fine.
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