(MENAFN) Volvo, the world's second-largest maker of trucks, said that it was setting aside USD497 million to cover a potential antitrust fine from the European Union, AFP reported.
Last week, the European Commission notified Volvo that it was formally suspected of operating an illegal alliance to left up prices which could lead to heavy fines if found guilty.
The Sweden-based group said that it "had decided to make a provision of USD497 million " which would impact the company's operating income in the final quarter of 2014.
An EU investigation of the companies started after raids on large truck manufacturers in 2011, which also involved Sweden's Scania and Italy's Iveco. Germany's MAN and Daimler Benz were also notified.
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