Monday, 27 July 2009

Akzo Nobel blows the whistle

Dutch chemical group AkzoNobel has received full immunity from a €17.4m fine which would otherwise have been imposed by the European Commission following an investigation into price fixing involving the company's Calcium Carbide business between November 2004 and November 2006.

According to
the infringement was reported to the European Commission by AkzoNobel at the end of 2006 and an application for immunity was made. It quotes the company as saying: "AkzoNobel regrets the inappropriate actions taken by certain individuals and stresses that the breach was reported internally through the company's intensified competition law compliance program. Immediate steps were then taken to report the infringement to the appropriate authorities and AkzoNobel has cooperated fully throughout the investigation."

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