ICI has been given a fine of £63 million after an investigation into price fixing by the European Commission as part of the fourth largest cartel fine in the European Union's history.
In total, all the participants in the cartel will have to pay a hefty £235.3 million. The fine comes on the back of price fixing by the UK group and the exchange of confidential information between 1997 and 2002.
The company had met with other European competitors in October 1999 and again the following year to discuss an increase in European price levels for acrylic glass, which is used in cars and household appliances. As well as this, the cartel members had been exchanging commercially-sensitive information amongst themselves.
This is ICI's fourth fine within four decades and for this repeat offending it has seen its fine increased by fifty percent. Another repeat offender, German firm Degussa, was also involved in this cartel but has received immunity after providing information to the Commission about its involvement. The case highlights the very serious view of cartel activity taken by the Commission but also the generosity of its leniency policy in aiming to encourage whistle-blowing by cartel members.