Finnish court fines asphalt cartel $117 million

A high court in Finland has fined seven local asphalt companies more than euro82 million ($117 million) for operating a cartel.

The Supreme Administrative Court says that in 1994-2002 a "national asphalt cartel operated in Finland in which all the major players participated."

The court says the companies hampered competition by agreeing on sharing contracts and pricing. In its decision announced Tuesday, the court dismissed appeals lodged by the companies in 2007 after The Market Court fined them a total of euro19.4 million.

The high court fined Lemminkainen Oyj euro68 million. VLT Trading Oy, NCC Roads Oy and Skanska Asfaltti Oy were each fined euro4.8 million. Three other companies shared fines of euro50,000-euro500,000.