Author Topic: Update relating to the 2011 antitrust proceeding in Brazil in the terrestrial hi  (Read 128 times)

Bennu Meer

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Update relating to the 2011 antitrust proceeding in Brazil in the terrestrial high voltage cables and submarine cables markets


Prysmian S.p.A. (“Prysmian”) informs that today the Tribunal of the Brazilian antitrust authority, following the proceeding that began in 2011, has issued the operative part of a decision ruling that Prysmian participated in anticompetitive practices in the Brazilian terrestrial high voltage cables and submarine cables markets.
Said Tribunal has found Prysmian liable for the period from February 2001 to March 2004 and has ordered Prysmian to pay a fine of BRL 10,2 million (equal to approximately 1,8 million Euro).
The operative part of the decision has been rendered orally and the full contents of the decision will be published in due course. Once available, Prysmian and its advisors will carefully analyze its contents and assess whether to appeal before the Brazilian courts.
Since 2011 Prysmian had reported in its financial statements the existence of such proceeding. Further, Prysmian has made a provision in its financial statements since 2018 in relation to the risks linked to such proceeding. The value of said provision, as reflected in the draft 2019 financial statements submitted for approval to the next annual general meeting, is in line with the fine levied.,

source : Update relating to the 2011 antitrust proceeding in Brazil in the terrestrial high voltage cables and submarine cables markets

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