FrieslandCampina Greek Faces €561,000 Fine for Price Inflation, Including on Baby Formula
Source: The DairyNews
The Greek arm of FrieslandCampina, an international dairy cooperative, is set to pay a hefty fine of €561,000 for engaging in inflated pricing practices, particularly on baby formula, violating market regulations designed to prevent profiteering.
The Development Ministry announced the penalty, citing violations of Article 54 of Law 5045/29-07-2023, which aims to curb unfair profit margins.
Inspections carried out by the Interagency for Market Control Unit (DIMEA) revealed that FrieslandCampina Hellas SA had exceeded permissible profit margins on nine of its products, breaching Greek regulations. The company now faces consequences for its pricing practices that surpass the limits set by the law.
Development Minister Kostas Skrekas emphasized the government's commitment to combating unfair profiteering, stating, "Unfair profiteering will not be tolerated. Supporting families is a priority for the government."
The ministry is extending its scrutiny to several major multinational companies operating in detergent, coffee, breakfast cereals, household cleaners, and pesticides categories, conducting inspections to ensure compliance with market regulations.
Inspections carried out by the Interagency for Market Control Unit (DIMEA) revealed that FrieslandCampina Hellas SA had exceeded permissible profit margins on nine of its products, breaching Greek regulations. The company now faces consequences for its pricing practices that surpass the limits set by the law.
Development Minister Kostas Skrekas emphasized the government's commitment to combating unfair profiteering, stating, "Unfair profiteering will not be tolerated. Supporting families is a priority for the government."
The ministry is extending its scrutiny to several major multinational companies operating in detergent, coffee, breakfast cereals, household cleaners, and pesticides categories, conducting inspections to ensure compliance with market regulations.
