Suek Says Not Involved in $165,000 Collusion Found by Watchdog

Siberian Coal Energy Co. Russia’s largest producer of coal for power stations, said it isn’t involved in price collusion on the domestic market after the antitrust watchdog accused three of the country’s biggest coal mining companies of acting as a cartel.

“The company didn’t carry out any coordinated actions within a cartel and in violation of anti-monopoly regulations, which would impede competition or breach the rights of consumers,” Siberian Coal Energy, known as Suek, said today in an e-mailed statement.

The Federal Anti-Monopoly Service has determined instances of collusion by Suek and two competitors, earning 5 million rubles ($165,000) of extra revenue, Anatoly Golomolzin, deputy head of the watchdog, said today in a briefing broadcast on its website. Golomolzin said other producers of coal for power stations are being investigated.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE