NEW ZEALAND company elevator company ThyssenKrupp has admitted it tried to fix prices, and has settled with the Commerce Commission.
According to the authority, it settled with the company because this appeared to be a one-off and isolated incident attributed to one contractor, as opposed to a cartel-type arrangement.
ThyssenKrupp and one of its former contractors admitted to contracting a competitor’s employee by telephone. They discussed the pricing and other details of a contract the companies were competing for.
The contractor had suggested for both parties to submit “similar” prices, and asked the competitor’s employee to inform him of the price before submitting the quote.
The settlement requires the company to admit its misconduct and provide details of its Commerce Act compliance program. ThyssenKrupp says it has implemented a training program to prevent future breaches.
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