Brazil prosecutor want 13 executives arrested for involvement in price fixing scheme

SAO PAULO – Brazilian prosecutors are seeking the arrest of 13 foreign executives, including one from Montreal-based Bombardier (TSX:BBD.B), for alleged involvement in a cartel to raise prices for the construction and upkeep of subway and train systems in Sao Paulo.

Eleven of the 13 executives work for Siemens of Germany, one for Bombardier and another for South Korea’s Hyundai Rotem.

The press office of the Sao Paulo State Prosecutor’s Office said Friday that none of the 13 executives are in Brazil. If necessary, the federal police will ask the international police agency Interpol, for help.

Siemens would only say said in a statement that it wants a “full investigation of the irregularities committed.”

Neither Bombardier nor Hyundai Rotem had immediate comment.

— With files from The Canadian Press