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Bulgaria's Competition Watchdog Fines Cooking Oil Producers
Business | January 16, 2008, Wednesday // 00:00
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Bulgaria's Competition Protection Commission (CPC) fined 14 cooking oil producers involved in a cartel, which used to define the market price of the product.
Kaliakra, Biser Oliva, and Papas Olio companies were slapped
BGN 300,000 penalties. The fine for New Oil and Zarneni Hrani Bulgaria will be BGN 150,000, while producers Zvezda, Oliva, Pliska, and Shumen will have to pay BGN 100,000.
The commission also sanctioned Rosa, Gaitek Oliva, and Zlatna Trakiya with BGN 80,000. Kris Oil 97 got the lowest fine of BGN 20,000.
The fines were set according to the market share of the companies, which are the biggest producers in the country and easily imposed a cartel price of the oil, experts said.
The decision of CPC came after a thorough investigation, in which offices of the companies were searched and indisputable evidence for cartel relations were found.
The Oilseed Oil Producers Association of Bulgaria has also been fined BGN 5,000, as at its meetings the producers made agreements for the unfair price fixing.
During 2007, the price of the cooking oil In Bulgaria increased by 70%, which according to CPC is not due to failed sunflower crops but mostly a result of unfair completion practices.
Kaliakra, Biser Oliva, and Papas Olio companies were slapped
BGN 300,000 penalties. The fine for New Oil and Zarneni Hrani Bulgaria will be BGN 150,000, while producers Zvezda, Oliva, Pliska, and Shumen will have to pay BGN 100,000.
The commission also sanctioned Rosa, Gaitek Oliva, and Zlatna Trakiya with BGN 80,000. Kris Oil 97 got the lowest fine of BGN 20,000.
The fines were set according to the market share of the companies, which are the biggest producers in the country and easily imposed a cartel price of the oil, experts said.
The decision of CPC came after a thorough investigation, in which offices of the companies were searched and indisputable evidence for cartel relations were found.
The Oilseed Oil Producers Association of Bulgaria has also been fined BGN 5,000, as at its meetings the producers made agreements for the unfair price fixing.
During 2007, the price of the cooking oil In Bulgaria increased by 70%, which according to CPC is not due to failed sunflower crops but mostly a result of unfair completion practices.
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