BRUSSELS, Jan 28: EU antitrust regulators on Wednesday fined Bridgestone, Dunlop and three other companies 131.5 million euros for running an illegal cartel in the market for hoses used in loading crude oil on tankers.

The European Commission accused the companies of carving up the marine hoses market among themselves by fixing prices, rigging bids and sharing sensitive commercial information from 1986 to 2007.

The fines targetted Japanese group Bridgestone, British-German company Dunlop Oil and Marine/Continental, French-Swedish group Trelleborg, Parker ITR of Italy and the United States, and Italy’s Manuli.

“For 20 years, this cartel added to the prices consumers paid for their oil deliveries,” EU Competition Commissioner Neelie Kroes said in a statement.

“I will not tolerate illegal cartels and will continue to impose heavy fines on those companies found guilty of this kind of serious malpractice,” she added.

Japanese group Yokohama was spared a fine despite its participation in the cartel because it tipped off EU regulators.

Meanwhile, Bridgestone’s fine was raised 30 per cent to 58.5 million euros and Parker ITR’s was also lifted 30 per cent to 25.6 million euros for leading the cartel while Manuli’s fine was reduced to 4.9 million euros for aiding regulators.—AFP