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Fri March 29 2024

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Leniency for Veidekke in Norway competition case

6 Mar 13 The Norwegian Competition Authority has let Veidekke off a proposed NOK220m (£24.7m) fine in a case involving asphalt sales.

Veidekke has received the final decision of the Norwegian Competition Authority in the case. The authority established that there was a breach of the Competition Act occurred between 2005 and 2008 at Kolo Veidekke in Trøndelag. But it has granted Veidekke full leniency, releasing it from the potential fine.

In October 2011, Veidekke received notification of a pending decision by the Norwegian Competition Authority. In addition to the case in Trøndelag, the notification also contained information about a possible individual contravention in Møre og Romsdal in 2006. After further investigation, the found that there was no contravention in Møre.

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It was Veidekke itself that notified the Norwegian Competition Authority as soon as its management received indications that the company could have been involved in collaboration in contravention of the Competition Act. This occurred in January 2010. Since that time, Veidekke said that it has put in considerable work in order to assist the Norwegian Competition Authority in getting to the bottom of the matter. This cooperation has led to the Norwegian Competition Authority granted Veidekke full leniency.

"We regret that contraventions of the Competition Act have occurred within the company,” said  president and CEO Terje Venold. “At the same time, we are happy to note that the Norwegian Competition Authority's decision shows that this violation of the law is not an expression of a defective culture within the company. Investigations have confirmed that there was a single person behind the illegalities, and that person is no longer employed by the company. We are pleased to note that the Norwegian Competition Authority has confirmed in its decision that we have  fulfilled our obligation to cooperate, and we are appreciative of the professional and constructive cooperation we have had with the authority ever since we notified them about the case ourselves.”

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