Overturn of cartel conviction for Petrolina

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Overturn of cartel conviction for Petrolina
Thursday, May 26, 2011

THE SUPREME Court has unanimously overturned a decision by the Competition Commission (CPC) to fine four fuel companies close to €43 million for collusion, after finding that the chairman of the CPC had been appointed illegally.

In September 2009, the CPC, under Costakis Christoforou, fined Petrolina, Lukoil, Exxon Mobile and Hellenic Petroleum (EKO) €42.9 million for informal and tacit understanding between firms to influence the conduct of the market. The heaviest fine was imposed on EKO - €14.26 million while Exxon Mobile was fined €13.36 million, Petrolina, €12.56 million and Lukoil €2.7 million.

The violations concerned the period from October 2004 to late 2006.

The companies had appealed the CPC decision claiming it was illegal.

The decision has been issued by the full bench of the Supreme Court of Cyprus and is not appealable.

Harris Kyriakides LLC represented Petrolina together with the Nicosia law firm Messrs Ioannides Demetriou.

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