Truck makers face fines as the European Union steps up cartel investigation

The European Commission has stepped up a wide-ranging cartel investigation that could lead to heavy fines for some of the world's biggest truck makers.

The EU's executive announced on the 20th November that it had sent formal charge sheets to several manufacturers it suspected of price fixing, marking the next phase of a complex investigation that began with raids on a number of companies' headquarters in January 2011.

Daimler, Volvo, Volkswagen's MAN and Iveco parent CNH Industrial all confirmed they had received the European regulator's so-called statements of objections or were expecting it. Scania, also controlled by VW, had no immediate comment.

Companies can be fined up to 10% of their annual revenue if the Commission concludes that there is sufficient evidence of an infringement of EU rules barring cartels and the abuse of market dominance.

Source: EurActiv