EU court raises Fresh Del Monte cartel fine
Fresh Del Monte Produce Inc hit with with fresh fines related to an alleged banana cartel
The EU high court has hit Fresh Del Monte Produce Inc with fresh fines related to an alleged banana cartel with distributor Weichert in 2008.
Del Monte had appealed to the EU Court of justice after the EU General Court fined the two EU14.7m (US$16.32m) over the alleged price fixing of bananas in the EU between 2000 and 2002.
In 2013 Del Monte secured a reduction to EU8.82m from the EU General Court citing mitigating circumstances and cooperation with regulators. It looked also to have the previous judgement overturned claiming at the time the cartel was alleged, Del Monte held an 80% shareholding in Weichert through a subsidiary.
The High Court however, assessing the judgement, said an error had been made by the lower court and increased the fine to EU9.8m plus appeal costs.
No one at Fresh Del Monte was available for comment at the time of press.
Canadean's "Fresh Del Monte Produce Inc. : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations....
The global fresh food market is expected to witness huge growth in terms of revenue by 2019, with a revenue projection of around $2000 billion....
Fresh foods refer to foods that are unprocessed and available in a raw state....
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