The Icelandic Competition Authority has imposed a hefty $32 million fine on Samskip, a shipping company, for serious violations of competition laws. Samskip vehemently disputes these charges and plans to appeal. They question the Authority’s methods and criticize Eimskip’s earlier settlement in the seven-year investigation.
Samskip has been hit with a $32 million administrative fine by the Competition Authority, citing significant breaches of competition laws. The Authority alleges that Samskip provided inaccurate, misleading, and insufficient information during the investigation, including their document disclosures.
This case revolves around the unlawful collusion between Samskip and Eimskip, both major players in the shipping industry. While Eimskip settled their part of the case in 2021 with a substantially smaller ISK 1.5 billion ($11 million / €11 million) fine, Samskip now faces a much larger penalty.
As reported by RÚV, the probe into these activities was initiated in the fall of 2013 when searches were conducted at Samskip and Eimskip offices, followed by a second round of searches the subsequent summer. The violations, according to the Competition Authority, spanned five years, from 2008 to 2013.
The Competition Authority didn’t hold back in its judgment, describing Samskip’s actions as “serious and extensive.” This is particularly concerning as these actions took place “in markets where the participants of the collusion held dominant positions.”
Source: Iceland Review
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI