OREANDA-NEWS. May 04, 2012. The Federal Antimonopoly Service (FAS Russia) fined “United Trading Company” OJSC (“ЕТК”) over 912 million Rubles (912,033,361 Rubles), reported the press-centre of FAS Russia.

Under Part 1 Article 14.32 of the Code on Administrative Violations, “ETK” is imposed a “turnover” fine for organizing a cartel on the market of liquid caustic and taking part in the cartel in 2005 - 2011.

On 15th December 2011, FAS found that 23 participants of the market of liquid caustic violated Clauses 1, 3 and 4 Part 1 Article 11 of the Federal Law “On Protection of Competition” (prohibiting competition–restricting agreements and concerted actions). “ETK” concluded and took part in the agreement that resulted in maintaining prices on the market of wholesale supplies of liquid caustic market, dividing the market by the volume of sales, categories of sellers, buyers and a geographic principle, as well as economically and technologically unjustified refusals to conclude contracts with buyers of liquid caustic.

“The fine imposed upon “ETK” is one of the largest. Calculating the fine, we took into account a number of circumstances that under the Code on Administrative Violations affected its increase. It’s not the first time that “ETK” is held liable for violating the antimonopoly law. FAS already found that “ETK” had organized a cartel that had existed for a long period of time and its participants had gained income on an especially large scale”, said the Head of FAS Cartel Department Alexander Kinyov.

FAS continues investigating cases on administrative violations against other cartel participants.

“The case file is forwarded to the Ministry of Interior to initiate a criminal case under Article 178 of the Criminal Code of the Russian Federation”, added Alexander Kinyov.