MADRID (Reuters). Spain’s competition regulator has fined eight companies, including Siemens, Nokia (NYSE) and ACS, a total amount of 127.3 millions euros ($148m) each for allegedly rigging contracts relating the rail-signalling technology.

According to Friday’s CNMC watchdog, between 2002-2017 the companies acted in a cartel and illegally shared out contracts totaling 4.1 Billion Euros awarded by Adif national rail-infrastructure operators.

Nokia spokesperson stated that Nokia fully cooperated in the CNMC’s investigation and feels it acted legally.

According to the spokesperson, “We will appeal this decision and ask for suspension of all sanction pending appeal.”

ACS, Siemens and other companies did not respond immediately to a request.

CNMC claimed that this ruling was based upon a 2019 investigation, which saw the dissolution of a similar cartel involving several companies. This case, however, focused on rail electrification contracts.

In a statement, the watchdog claimed that the recent cartel practices were particularly harmful because in some cases the fraudulent effects can last until 2040 due in part to the terms of certain contracts.

CNMC stated that fines of 483,000 euros were paid to 10 top executives.

Cobra, an ACS subsidiary, was fined the most at 30,000,000 euros. Nokia received a 24 million euro penalty. Siemens and Siemens Rail were each fined 28.9 millions euros.

($1 = 0.8621 euros)