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SUEK appeals $14.8 mln fine for coal price collusion

11:33 06/10/2011

MOSCOW, October 6 - RAPSI, Sergei Feklyunin. The commercial court will hearon November 24 the Siberian Coal Energy Company's (SUEK) appeal against the $14.8 million fine imposed by the antimonopoly watchdog, the court told the Russian Legal Information Agency (RAPSI).

SUEK is Russia's biggest power generating coal producer. Its 2010 output amounted to 89.1 million metric tons and export sales made up 29.1 million tons.The Federal Antimonopoly Service (FAS) reported on September 20 that fines were levied for a price collusion on the power plant coal market.

Earlier the service considered the antimonopoly case of SUEK, Russian Coal and Stroyservice and found that they violated the competition law. The service decided that the companies colluded to stifle competition on the coal market,fix coal prices and divide the market.

SUEK went to court on September 30. Russian Coal also appealed the 66 million ruble ($2 million) fine on the same day, but its appeal hearing date has yet to be scheduled.

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SUEK appeals $14.8 mln fine for coal price collusion

11:33 06/10/2011 The commercial court will hearon November 24 the Siberian Coal Energy Company's (SUEK) appeal against the $14.8 million fine imposed by the antimonopoly watchdog.
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