A federal grand jury indicted two former executives at German chemical maker Bayer AG for allegedly taking part in an international price-fixing scheme that drove up the costs of rubber chemicals used to make shoes, tires and other products.A federal grand jury indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. two former executives at German chemical maker Bayer AG Bayer AG German chemical and pharmaceutical company. Founded in 1863 by Friedrich Bayer (1825–1880), it now operates plants in more than 30 countries. Bayer has originated scores of pharmaceuticals, chemicals, and synthetic materials; it was the first developer and for allegedly taking part in an international price-fixing scheme that drove up the costs of rubber chemicals used to make shoes, tires and other products. Jurgen Ick and Gunter Monn, both German citizens, were charged with conspiring with other industry executives to suppress To stop something or someone; to prevent, prohibit, or subdue. To suppress evidence is to keep it from being admitted at trial by showing either that it was illegally obtained or that it is irrelevant. competition to fix prices for rubber chemicals in the U.S. and elsewhere. The indictments are the latest from a long-running antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. investigation into an international price-rigging ring formed about ten years ago by some of the world's biggest rubber chemical producers. So far, the probe has resulted in more than $200 million in criminal fines and guilty pleas from six executives and five companies, including Bayer AG, Syndial SpA, Crompton, DuPont Dow Elastomers and Zeon Chemicals. |
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