Greece imposes hefty fines on multinationals Unilever and P&G for excessive profit margins

Development Minister Kostas Skrekas has imposed the maximum fine of 1,000,000 euros to each of the Greek subsidiaries of two multinationals groups after inspections by Interagency for Market Control (DIMEA) units showed that they had violated recent laws on curbing phenomena of unfair profit-taking, a ministry announcement said on Thursday.

Fines of one million euros were imposed on Procter & Gamble Greece Limited and Elais Unilever Hellas SA.

“We have made clear in all tones and in all directions that nobody is above the law. We are determined to implement the law in order to avert profiteering and to boost healthy competition for the benefit of Greek families,” the minister said according to the statement.

He added that “everyone needs to be aware that the situation is critical and of the difficulty households face in accessing basic consumer goods. Dealing with inflation, and especially greedflation, is primarily an issue of social responsibility but also for ensuring society’s cohesion.”

He warned that inspections will continue and fines will be imposed without hesitation as the fight against high prices is ongoing.

PS the issue is not to impose fines but also to collect them and make constant price controls so that they get scared… We have been saying for years that products of multinationals are sold in Greece in double prices than in other European countries