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Skanska fined for Swedish asphalt cartel

Swedish contractor Skanska has been fined SEK170M (£12.5M) for participation in a price fixing cartel for asphalt.
The Stockholm District Court, which imposed the fine has also penalised six other companies and organisations in the alleged ring including NCC, Peab, and the Swedish Road Administration.Skanska says it will appeal the decision to the Swedish Market Court. It adds that the fine is significantly lower than the prosecution, by the Swedish Competition Authoriity, had demanded.Following the decision Skanska said that the case related to practices and business attitudes of the past.'For ten years business ethics and our Code of Conduct have been core values of Skanska and our employees worldwide, and the allegations in this case have nothing to do with the company of today', said Stuart Graham, president and CEO of Skanska.The competition authority alleged that Skanska participated in an extensive cartel for production and laying of asphalt in Sweden during the period July 1993 to October 2001.

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