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Repsol tells EU court that EC miscalculated fine in candle-wax cartel

By Matthew Newman ( December 12, 2012, 16:15 GMT | Insight) -- Spanish oil company Repsol argued at the EU’s General Court today that the European Commission miscalculated a 19.8 million-euro fine for fixing the prices of paraffin wax. The company contested the commission’s use of an average of three years of sales figures to calculate the fine, its participation in market and customer-sharing meetings, and the duration of its involvement in the cartel. Luxembourg – Spanish oil company Repsol argued at the EU’s General Court today that the European Commission miscalculated a 19.8 million-euro fine for fixing the prices of paraffin wax. The company contested the commission’s use of an average of sales figures to calculate the fine and the duration of its involvement in the cartel....

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