ONE of the largest firms in Waltham Abbey has been fined £2 million for operating an unlawful cartel to win lucrative construction contracts.
Apollo Property Services, in Church Street, was found guilty of three counts of price-fixing for works totalling £1.25 million between 2003 and 2004. They are appealing against the decision.
The firm, which has hundreds of employees, would divide up business with its rival construction company Mansell, keeping the prices charged artificially high.
The company has strenuously denied the allegations. A statement on its website says: “Since the OFT’s investigation was announced in April 2008, Apollo has repeatedly made clear that it believes the allegations against it to be wholly unfounded.
“Shortly after the OFT made its allegations, Apollo instigated its own investigation, led by a leading external law firm. No internal evidence substantiating the allegations was found.
“Apollo has always operated to the highest ethical standards and will continue to do so.”
The contracts mainly involved external renovations and repairs to commercial property across south east England.
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