Dutch food ingredients company CSM has said the Dutch competition authority NMa has started an investigation at its sugar subsidiary CSM Suiker.
CSM said the investigation will focus on possible price arrangements between CSM Suiker and its competitors and customers.
An NMa spokesman said if the unit is found guilty of price fixing CSM could face a maximum fine of 10% of the sugar unit’s annual sales, reported Dow Jones International News. In 2003 CSM Suiker recorded turnover of €268.8m (US$318.2m).
CSM has said it will cooperate fully with the NMa’s investigation.