A PYMNTS Company

EU: Commission charges Belgian/Spanish ethanol producers

 |  August 29, 2018

According to a report from Reuters on Wednesday, EU antitrust regulators have charged Spanish ethanol producer Abengoa and Belgium peer Alcogroup of rigging ethanol benchmarks, a move likely to result in fines for the companies next year, two people familiar with the matter said on Wednesday.

The EC, who opened an investigation into the case in December 2015, sent statement of objections to the companies in late July, the people said. These charge sheets typically set out the EU competition enforcer’s concerns about anti-competitive behavior.

The two companies are seeking to settle the case, the sources said. Such a procedure allows companies to admit wrongdoing in return for a 10 percent cut in a fine. Swedish company Lantmannen, which was also under investigation, has not yet received a charge sheet, suggesting that it may not be settling the case, the people said.

The Commission confirmed that it had sent statement of objections to the companies but declined to provide details.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.