Skrikas: “Multinational companies fined 2 million euros for unfair profiteering” – Economy

The maximum fine, amounting to one million euros, was imposed by Development Minister Kostas Skrikas for each of the two multinational companies, the audit of which was completed by the Inter-Agency Market Monitoring Unit (DIMEA).

The fines relate to violating Article 54 of Law No. 5045/29-07-2023 related to reducing the phenomena of illicit profit.

Specifically, required:

· A fine of 1,000,000 euros against the company “PROCTER & GAMBLE HELLAS MONOPROSSOPI EP”

· A fine of 1,000,000 euros against “ELAIS UNILEVER HELLAS SA”.

Skrikas: No one is above the law

Development Minister Kostas Skrikas said: “We have made it clear in every tone and in every direction that no one is above the law. We are determined to implement the law to prevent profiteering and stimulate healthy competition, for the benefit of the Greek family. Everyone must realize the seriousness of the situation and the difficulty for families to obtain basic consumer goods.” “Dealing with inflation, especially the inflation of greed, is primarily a matter of social responsibility but also of ensuring the cohesion of society. Checks will continue and fines will be issued without hesitation. The battle with accuracy is ongoing and ongoing. We are not satisfied.”

It is noteworthy that it was announced yesterday that within the next few days an audit of seven multinational companies regarding the profit margins of their products will be completed, and “if a problem is discovered, we will not hesitate to impose fines.” Developed by Kostas Skrikas in an interview with Alpha TV about precision in the market.

Methods

It should be noted that according to a publication by OT, the tactic of multinational giants to price their products higher in Greece than in other European countries with much greater purchasing power, has long been targeted by the Ministry of Development Services.

The methods applied by multinational companies to “inflate” product prices on the Greek market by controlling 60% of mass consumption products (food, detergents, household items, etc.), are neither hidden nor new.

Overpricing and underpricing goods and services in a way that minimizes the overall tax burden of the parent group, charging high royalties to companies within the same group, high interest rates on loans made by the parent to subsidiaries and asset purchases. Raw materials in exchange for exorbitant prices offered by trading group companies located in other countries are the most well-known tactics used to raise the cost of products sold in countries where multinational companies do not have a production presence but only a commercial presence.