GVH fines farm equipment companies for cartel activity
Photo by Cristi Savin/Shutterstock.com
Hungary's Competition Office (GVH) on Tuesday said it fined three farm equipment companies a combined HUF 135 million for cartel activity, according to a report by state news wire MTI.
GVH said Tempel Kereskedelmi es Szolgáltató, Normtec and Slovakia's Premium Line colluded to divide orders for farm machinery in at least 16 public procurement tenders.
The procedure started with two of the companies revealing their cartel activity and submitting a request for leniency to GVH in the hope of reducing their fines. However, later on it turned out that the companies had misled the authority and did not cooperate in good faith with GVH.
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.