Busy year for Icelandic competition regulator

kronur3Iceland’s Competition Authority has conducted four house searches since the banking collapse last autumn. One was connected with the abuse of market position and the other three were based on charges of unlawful consultation.

According to an article by the Competition Authority head Pall Gunnar Palsson, published on the Authority’s website, they have investigated 250 cases since the beginning of October last year. 120 of those are still open, but 130 cases have been closed.

Eight companies or business organisations have been fined a total of ISK 460 million during that period. The highest single fine was levied against Hagar for abuse of market position – a crime costing the company ISK 315 million.

The fine is, however, being challenged in court.

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