European court rules in graphite electrode case - European Commission fine reduced
The European Court of First Instance (ECFI) announced its ruling in the "Graphite Electrode" case. The court has revised the Euro-pean Commission's decision of July 18, 2001 and reduced the fine levied against SGL Carbon to EUR 69.1 million from EUR 80.2 million.
The decision of the ECFI reflects neither the objections raised against gross procedural defects nor the internationally accepted principle of double jeopardy (ne bis in idem). In 1999 the U.S. Department of Justice imposed a $ 145 million fine against SGL Carbon in the same case. Therefore and despite the lowering of the fine, SGL Carbon will seek fundamental judgment by the European Court of Justice (ECJ) as planned.
Until the ECJ issues a final ruling, the fine will be suspended in lieu of a bank guaran-tee. The guarantee, including interest, was accounted for in the refinancing.
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