Fuel retailers were fined record penalty for cartel agreement

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Investiční bankovnictví KB

      The Antimonopoly Office said that it fined fuel retailers for cartel agreement. The Office did not elaborate but said the fine reached several hundred millions of crowns based on the turnover of the respected distributor. The companies can appeal the decision within 14 day until 4 September. Benzina, majority owned by Unipetrol, confirmed that it is among the companies, but it will appeal the fine.

      

       The Antimonopoly Office can set maximum fine at 10% of the company’s annual turnover. Benzina had an annual turnover of around CZK 14bn in past, which translates into possible fine around CZK 1.4bn. However, we do not expect the Antimonopoly Office to use this extreme possibility. Nevertheless, financial performance of Benzina is poor, with the operating profits barely covering cost of servicing its huge debt. The fine would lead to further broadening of the company’s losses this year.

      

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