Shell fined €160 million for operating cartel

international | eu | other press Thursday November 30, 2006 21:27 by ShellWatch

Shell has been fined €160 million euro by the European Commission for fixing prices of synthetic rubber used to make tyres and other products. Shell was fined along with four other major companies for operating the cartel from at least 1996 to 2002. Its fine was increased from what it would have been under the Commission's normal calculations because of repeat offences.

Competition Commissioner Neelie Kroes said that "cartels strike at the heart of healthy economic activity. They undermine competition, raise prices for consumers and reduce the diversity, quality and innovation of European companies," she said.

A fine example of the business ethics of this monstrous corporation.