Greece fines multinationals Johnson&Johnson, Colgate for profiteering

Greece’s Development Ministry imposed a total fine of 1,672,000 to multinational companies Johnson & Johnson and Colgate for unfair profiteering. These are tow more multinationals fined since the start of the month.

The fines were imposed after the Interagency Market Control Unit (DIMEA) had completed the relevant audit.

The fines on Johnson & Johnson and Colgate were imposed due to the violation of Article 54 of Law 5045/29-07-2023, regarding the decrease of phenomena of unfair profit.

Specifically, the fines for the two multinational companies:

•  A fine of 1,000,000 euros to the company “Johnson & Johnson GREECE – CONSUMER PRODUCTS ANONIME COMMERCIAL COMPANY”.
• A fine of 672,000 euros to the company “COLGATE PALMOLIVE EMPORIKI (HELLAS) MONOPROSSOPI E.P.E.”.

It is the second action by the Development ministry in the direction to combat profiteering, after multinationals Unilever and Procter & Gamble were fined with 1,000,000 euros each beginning of the month.

Development Minister Kostas Skrekas said “it is now very clear to all sides that any violation will not be tolerated.”

He stressed that audits are continuous and uninterrupted and in all cases, where illegalities are found, fines are imposed,” and reiterated that the government is determined “to strike the root 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.”