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EU court to Toshiba: Yes, you were in cartel, pay €61 million

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Staff Writer | July 6, 2017
The EU's top court dismissed an appeal by the Japanese electronics giant Toshiba, upholding a fine of more than €61 million imposed by the European Commission for participating in a cartel.
Technology   The overall fine of €750.7 million
With the ruling, the fine became final for Toshiba after years of appeals against a 2007 decision by the EU to fine a total of 20 companies for colluding over prices on gas-insulated switchgear, heavy electrical equipment used to control energy flows in electricity grids.

At the time, the overall fine of €750.7 million was the second-highest penalty ever imposed by the EU's competition watchdog.

Toshiba was fined €86.3 million with an additional EUR4.7 million to be paid jointly with Mitsubishi for a business in which the two Japanese companies had equal shares. Mitsubishi was slapped with a EUR113.9 million fine.

After an appeal, a lower EU court scrapped the fines for Mitsubishi and Toshiba in 2011, as they had been calculated incorrectly. The court did confirm that the Japanese companies had participated in the cartel.

The new fines imposed were €56.8 million for Toshiba and EUR74.8 million for Mitsubishi with a €4.7 million fine to be paid together.

Upon appeal by Mitsubishi and Toshiba, a lower court of the European Court of Justice (ECJ) upheld the new fines in 2016.

While Mitsubishi decided against a further appeal, Toshiba took the ruling to the higher court of the ECJ, whose decision from Thursday dismisses the appeal.