FAS: CORNING COMPANY PAID AN ANTIMONOPY FINE OF 47 MILLION RUBLES

Money has already reached the budget of the Russian Federation

It should be reminded that in 2019, FAS Russia initiated a case in relation to Corning Inc, Corning CIS LLC and four Russian optical cable production plants on the application of Optical Fiber Systems JSC. The organizations were found as violated antimonopoly lagislation.*

FAS Russia found that the company entered into an agreement with the factories for the guaranteed purchase of optical fiber manufactured by Corning Inc in the amount of 85-100% of its own needs, as well as Corning Inc’s right to priority supplies.

According to the Authority, such agreements were anti-competitive. FAS Russia notes that illegal activities have also negatively affected the development of optical fiber production in the territory of the Russian Federation.

In this regard, the Authority issued remedies to companies to eliminate violations and imposed fines.

On January 15, 2024, Corning Inc paid the fine. Funds in the amount of 47 760 018 rubles were received by the budget of the Russian Federation.

Reference:

* Paragraph 3 of the Part 4 of the Article 11 of the Law on Protection of Competition