Greece Expands Investigation into Profit Margin Cap Violations

Greece’s Interagency Market Control Unit (DIMEA) has expanded the scope of its ongoing investigation into violations of the country’s profit margin cap by major food and non-food companies to also include major meat importers and wholesalers.

The investigation includes 35 companies, and is comprised of 26 major food and non-food companies as well as nine supermarket chains.

Profit Margin Cap: Expanded Investigation
The investigation began in July and covers over 2,500 product codes for unjustifed price increases, according to a report at OT.gr.

Recently the DIMEA also added major meat importers and wholesalers to the list, ahead of the November 10 investigation deadline.

OT explains that the checks focus on enforcing current legislation regarding a cap on profit margins, with the benchmark set against December 2021 levels. Greece’s Minister of Development has previously stated that this cap will remain in force through 2025.

Companies Under Investigation
The nine major supermarket chains under investigation for potential violations of the profit margin cap include Sklavenitis, AB Vassilopoulos, Lidl Hellas, Metro AEBE, Masoutis AE, ANEDIK Kritikos, Pente AE (Galaxias), Bazaar, and Discount Markt.

The supermarket chains have been selected as they have declared the highest revenue in Greece.

DIMEA also has in its sight suppliers, multinational companies in detergents, cleaning products, and household items. Some of the most well-known include S.C. Johnson, Colgate Palmolive, Procter & Gamble, Henkel, Elaïs Unilever, and Johnson & Johnson.

As for the sector, all major dairy companies are being examined, including Hellenic Dairies (Olympus), Delta, FAGE, Kri Kri, FrieslandCampina Hellas, Evrofarma, Upfield Hellas, and Minerva.

The investigation further includes companies like Jacobs Douwe Egberts, Giotis, and Kore AE, as well as meat traders such as Floridis, Voudouris-Konstas AE, Polyvios Kapetis AE, Denaxas V. & SIA EPE, Kretemporiki-Kossyva AE, Kiachakis Eleftherios AE, Vesta Foods, and Bozionelos AEE.

Source: tovima.com