Business News
EU fines Banana distributer 8.9 million euros for price fixing
Oct 12, 2011, 12:38 GMT
Brussels - European Union antitrust regulators on Wednesday fined Pacific Fruit, the worldwide distributor for Bonita-brand bananas, 8.9 million euros (12.2 million dollars) for price fixing.
Pacific Fruit was found guilty of taking part in a cartel with fellow banana distributor Chiquita in Italy, Greece and Portugal from July 2004 until April 2005, fixing prices and exchanging key sales information.
Chiquita escaped sanctions because it acted as a whistleblower on the arrangement, the European Commission - the EU's highest competition authority - said in a statement.
'There are only two ways to avoid a fine: refrain from joining a cartel or, if you have fallen for it, repent rapidly and inform the commission about it,' EU Competition Commissioner Joaquin Almunia said.
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