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...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.