GE fined $58M for providing misleading data

GE had provided the misleading data during its bid to acquire Danish rotor blade maker LM Wind in 2017.

The European Commission has levied a fine of $58.4 million (52 million euros) on U.S. conglomerate General Electric for providing misleading information in its acquisition of LM Wind, a Danish rotor blade maker in 2017.

At that time, GE had told EU antitrust authorities that was not developing any other turbine apart from its 6 megawatt turbine. The EU came to know of this lie when a third party provided details.

Subsequently, GE withdrew its request and resubmitted it a month later with more data on future projects. GE got the go-ahead in March 2017.

In July 2017, the European Commission opened an investigation into GE’s first notification in which it provided the misleading data. The imposition of this fine marks the completion of that probe.

Advertisements


Categories: Creativity, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: