Stuart Chambers, the CEO of Nippon Sheet Glass (NSG), one of the groups recently fined by the European Union was reported as saying that the collective fine of EUR 1.38 billion (USD 1.7 billion) impos…
Stuart Chambers, the CEO of Nippon Sheet Glass (NSG), one of the groups recently fined by the European Union was reported as saying that the collective fine of EUR 1.38 billion (USD 1.7 billion) imposed by competition commission on four manufacturers of automotive glass is very likely to inflate glass prices. He added that the fine would also reduce capital investment. The fine is also in breach of EU laws since it exceeds the 10% limit of a group“s turnover. Pilkington, NSG“s UK unit, has been fined GBP 370 million for conspiring with Saint-Gobain, Asahi Glass and Soliver in the manipulation of windscreen glass prices in the period from 1998 to 2003. The four groups have been given two and a half months to appeal the decision.