The European Commission, after claiming six companies to have taken part in a power transformer cartel, fined them a total 67.6 million Euros ($99.4 million) on Wednesday.

While Swiss engineering group ABB was fined 33.8 million Euros by the EU watchdog; Japan's Toshiba Corp was fined 13.2 million for taking part in a "gentlemen's agreement" not to compete against each other in Europe and Japan. 

Since Germany's Siemens blew the whistle on the cartel, its fine was cancelled. 

It was informed via a statement by European Union Competition Commissioner Neelie Kroes, "The Commission has now put an end to this rip-off by the self-appointed gentlemen. The Commission will not hesitate to increase fines for repeat offenders until they have learned the lesson that cartels do not pay." 

The use of the power transformers is to modify the voltage in electricity transmission networks. The commission claims that since ABB had earlier participated in a similar infringement, its fine for ABB was increased by 50 percent. 

Meanwhile, a joint total fine of 16.5 million Euros was put on French firms Areva and Alstom. The commission fined Japan's Hitachi Ltd 2.4 million Euros and Fuji Electric 1.7 million for their roles in the cartel.

Siemens claimed to have taken measures since 2007, when allegations about the cartel were made, with the aim of avoiding any such problems in the future.