Tnuva, Israel’s largest dairy concern, is set to sign a settlement with the Justice Ministry’s Antitrust Authority, admitting that it sought to limit competition on some of its products that were sold in Israel’s largest supermarkets. The company will pay a 25 million shekel (US$7.2) fine, which will be distributed to customers who purchased the products during the period in question. Two executives will also pay fines of NIS75,000 (USD21,500) each.
As part of the settlement, Tnuva will have to finance the research of in store records to determine who bought the products, and ensure that the refunds are made to customers via their credit cards. Customers are expected to receive between in refunds.
The incidents occurred between 2008 and 2011, when 51% of Tnuva was owned by London investment firm Apax Partners.
Tnuva admitted that it attempted to manipulate prices in a manner that prevented large supermarket chains Supersol and Mega from offering competitive prices.
Full Content: Israel National News
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