Athens
03
11
2023
ECONOMY

Greece imposes hefty fines on two multinational companies for excessive profit margins

Development Minister Kostas Skrekas has imposed the maximum fine of 1,000,000 euros on the subsidiaries of two multinational groups after inspections by Interagency for Market Control (DIMEA) units showed that they had violated recent laws on curbing phenomena of unfair profit-taking, a ministry announcement said on Thursday.
Development Minister Kostas Skrekas has imposed the maximum fine of 1,000,000 euros on the subsidiaries of two multinational groups after inspections by Interagency for Market Control (DIMEA) units showed that they had violated recent laws on curbing phenomena of unfair profit-taking, a ministry announcement said on Thursday.

Specifically, fines of one million euros were imposed on Procter & Gamble Greece Limited and Elais Unilever Hellas SA.

In a statement, Skrekas said: "We have made clear in all tones and in all directions that nobody is above the law. We are determined to implement the law in order to avert profiteering and to boost healthy competition for the benefit of Greek families. Everyone needs to be aware that the situation is critical and of the difficulty households face in accessing basic consumer goods.

Dealing with inflation, and especially greedflation, is primarily an issue of social responsibility but also for ensuring society's cohesion. The inspections will continue and the fines will be imposed without hesitation. The fight with high prices is ongoing and constant. We will not rest."

tags: Economy