Linde is screened out under 1 exclusion reason spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
In April 2024, Chile's Fiscalía Nacional Económica (FNE) charged Linde Gas Chile and Indura (controlled by Air Products) with operating a cartel in industrial and medical gases. The FNE found that starting in November 2019, the two companies' general managers agreed to stop competing for each other's customers — executives refrained from bidding, submitted intentionally high prices, or withdrew winning offers. The collusion spanned metallurgical, pulp, forestry, aquaculture, food, mining, and hospital gas markets. The FNE sought US$31.2 million in fines against Indura; Linde received leniency for cooperating with the investigation. The cartel was uncovered through wiretaps and seizures.
Separately, in January 2024, FERC approved a $66.7 million settlement against NIPSCO and Linde for gaming MISO's demand response program — manipulating the regional electricity market by misrepresenting demand reduction capabilities.
In Hong Kong, the Competition Commission accused Linde of abuse of dominance in the medical gases market, describing the company's refusal to supply a competitor as 'disgraceful' conduct so egregious that 'no analysis is required to show how that behaviour impacted competition.' Three jurisdictions, three enforcement actions, one pattern: Linde leverages its dominant position in concentrated industrial gas markets to suppress competition.
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.