Greece fines 2 multinational companies for allegedly breeching profit cap

By Ahmet Gencturk

ATHENS (AA) – Greece imposed fines on the local branches of two multinational companies Wednesday for alleged breaches of a profit cap imposed amid the country’s cost-of-living crisis.

Fines of €1 million ($1.08 million) and €672,000 were imposed on subsidiaries of Johnson & Johnson and Colgate Palmolive respectively after inspections by units of the Interagency for Market Control (DIMEA) revealed that they had violated a law designed to curb unfair profit-making practices, according to a statement by the Ministry of Development and Investment.

“Our government is determined to strike at the root of profiteering and to strengthen in all possible ways the functioning of the market and healthy competition for the benefit of households and all our fellow citizens,” said Development Minister Kostas Skrekas.

On Nov. 2, the ministry imposed the maximum fine of €1 million for each of the subsidiaries of Procter & Gamble and Unilever for the same reason.