GVH fines Casio wholesaler HUF 325 mln for illegal price-fixing

Retail

Image by Sergei Lobkarev / Shutterstock.com

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.

ADVERTISEMENT

PMI Falls to 55 Points Figures

PMI Falls to 55 Points

Gov't Guarantees on Liabilities Climb Over 9% of GDP in 2021 Government

Gov't Guarantees on Liabilities Climb Over 9% of GDP in 2021

OXO Technologies Looks for New HQ Elsewhere in EU Innovation

OXO Technologies Looks for New HQ Elsewhere in EU

Hungary Adopting Performance-based Financing for Arts Art

Hungary Adopting Performance-based Financing for Arts

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.