WASHINGTON (Jan. 3, 2008) — Uwe Bangert, a former executive with the Phoenix A.G. division of Conti Tech, has been indicted in the global price-fixing investigation concerning marine hose.
Bangert was charged by the federal grand jury in Fort Lauderdale, Fla., with violating the Sherman Act. He could face up to three years in prison and a fine of about $350,000. He is accused of participating in the conspiracy between December 2000 and July 2002.
Authorities in the U.S. and several other countries are investigating an alleged conspiracy to rig bids, fix prices and allocate market shares for sales of marine hose throughout the world.
Bangert left Phoenix in 2002 and most recently was chief executive of Haendler & Natermann GmbH, a German packaging company.