Akzo Nobel fined $12 million for US price-fixing conspiracy
Akzo Nobel has pleaded guilty and agreed to pay a $12 million fine forits part in a price-fixing conspiracy in the USA. The country's Justice Department said that Akzo played a major part in a conspiracy to fix the price of monochloroacetic acid (MCAA) from September 1995 through August 1999. MCAA is used in a number of products, including pharmaceuticals, herbicides and plastic additives.
In addition, Erik Anders Brostrom, the executive responsible for Akzo's MCAA business, pleaded guilty, and will serve a three-month jail sentence in the USA and pay a $20,000 fine for his role in the conspiracy. Akzo noted that it is cooperating with the Justice Department with its investigations in other chemical industries.
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