Toshiba Challenges EU Power Cartel Fine With Mitsubishi Electric
Toshiba Corp. (6502) and Mitsubishi Electric Corp. appealed a fine levied for the second time by European Union regulators in a price-fixing probe over power- generation equipment.
The companies filed appeals on Sept. 12 at the EU General Court, the 27-nation bloc’s second-highest tribunal. The appeals seek to overturn a June 27 decision by the EU’s antitrust regulator to fine Mitsubishi Electric 74.8 million euros ($97.4 million) and Toshiba 56.8 million euros for agreeing with rivals to set prices for gas-insulated switchgear, which power companies buy to control electrical flow. The two companies were also jointly fined 4.7 million euros.
The Luxembourg-based court’s press office said today that Toshiba had filed its appeal. Mitsubishi and Toshiba separately also confirmed the appeals.
The fines are lower than the original 2007 penalties when Mitsubishi Electric was fined 118.6 million euros and Toshiba was fined 90.9 million euros. The EU General Court last year ruled the European Commission had punished the two Tokyo-based companies more harshly than European competitors in the electrical-equipment cartel. The decision forced EU officials to recalculate the fines.
The cases are: T-404/12 Pending Case, Toshiba Corporation v. Commission (T-404/12), T-409/12 Pending Case, Mitsubishi Electric Corp. (6503) v. Commission.
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