Greek Market Watchdog Slaps 742,000-Euro Fine on Frozen Vegetable Company

In particular, after conducting thorough audits on 72 product codes, the market price watchdog discovered that the company was earning a higher gross profit margin on 50 product codes than what the relevant legislation allows

According to an announcement released by the Minister of Development, Kostas Skrekas, imposed a fine of 742,000 euros on the frozen vegetables company “AINOS SA”, for violating Article 54 of Law 5045/29-07-2023 aimed at curtailing illegal profiteering, following a series of inspections conducted by the Interagency for Market Control (DIMEA).

In particular, after conducting thorough audits on 72 product codes, the market price watchdog discovered that the vegetable company was earning a higher gross profit margin on 50 product codes than what the relevant legislation allows.

The Minister of Development, Kostas Skrekas stated on the matter: “The fight against high costs and phenomena of unfair profit is ongoing and daily. Controls are continuous and will intensify, and hefty fines will be imposed, in accordance with legal provisions. We will not relent until order and justice prevail in the entire market. The elimination of any illegal activity and the protection of consumers is our obligation. The government and the Ministry of Development are guided solely by the application of the law and the support of households affected by inflation.”

The government commenced its strict inspections and the subsequent imposition of fines for multinational companies on November 2, when the Ministry of Development imposed the first two fines, each amounting to 1 million euros, on two companies, for unfair profit.

The two companies targeted were “PROCTER & GAMBLE HELLAS MONOPROSOPI E.P.E.” and “ELAIS UNILEVER HELLAS AE”, both of which were handed down large fines, following inspections by agents of the Interagency for Market Control (DIMEA). Both were deemed to have violated the law on the gross profit margin, as it exceeded the corresponding gross profit margin before December 31, 2021.

It should be recalled that the Development Minister had stated on January 22 that fines totaling 12.8 million euros had been imposed on businesses in 2023 for unfair profit, according to the data he submitted to the Greek Parliament.