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Antitrust watchdog to challenge judgment in coal price ring case

12:59 09/02/2012

MOSCOW, February 9 - RAPSI. The Federal Antimonopoly Service will contest in the Supreme Commercial Court the lower courts' judgment on the collusion in the power-generating coal market, the service reports.

The Moscow District Federal Commercial Court upheld on Monday the lower court decisions to reverse the watchdog's resolution charging Stroyservice, Russian Coal and the Siberian Coal Energy Company (SUEK) with a price collusion on the power plant coal market.

According to the regulator, the companies violated the law three times - by raising the purchase prices, by dividing the market in terms of territory and by entering into a collusion for a municipal coal procurement auction. Their proceeds from unlawfully set fixed prices exceeded 100 million rubles ($3.4 million), including SUEK's gain amounting to more than 5 million rubles ($168,400). Meanwhile, the customers sustained relevant losses.

The Interior Ministry open a criminal case against the companies. Their management may be punished for restricting or eliminating competition. If the inflicted losses exceed three million rubles ($101,000) the offender may be given up to six years in prison.

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Antitrust watchdog to challenge judgment in coal price ring case

12:59 09/02/2012 The Federal Antimonopoly Service will contest in the Supreme Commercial Court the lower courts' judgment on the collusion in the power-generating coal market.
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