Wake-Up Call For Oil Industry Competition Compliance
June 27, 2008, 12:00 AM EDT
Law360, New York (June 27, 2008, 12:00 AM EDT) -- The first-ever convictions in the U.K. for a cartel offense were handed down yesterday to three U.K. executives in the oil services sector. The three received terms of between two and a half to three years and were also disqualified from acting as company directors for periods of between five and seven years.
All three pleaded guilty to dishonestly participating in a cartel to allocate markets and customers, restrict supplies, fix prices and rig bids for the supply of marine hose and ancillary equipment in the...