GVH fines Casio wholesaler HUF 325 mln for illegal price-fixing
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Hungary's competition office GVH fined the Hungarian distributor of Casio watches and keyboard instruments and its Czech parent company for fixing online resale prices to retailers, eliminating competition for customers, according to a report by state news wire MTI.
GVH said it found in a probe that Fast Hungary Kereskedelmi and the legal predecessor of its Czech parent company Fast Cr a.s. unlawfully determined the minimum consumer prices of the Casio products it distributed for several years.
The companies published lists of "recommended consumer prices" for their distributors but actually checked the use of the listed prices and immediately warned the online retailers in the event of deviations. Such warnings were made by phone so that there would be no written trace.
GVH noted that price-fixing is one of the violations most seriously threatening competition, of which the companies were fully aware. It took into consideration that the companies acknowledged the violation and waived their right to legal remedy, and they undertook to introduce a compliance program.
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