LI Network
Published on: December 08, 2023 at 11:40 IST
The largest ethanol producer in the Nordic region, Lantmannen, faces a hefty fine of 47.7 million euros ($51.4 million) from EU antitrust regulators for manipulating ethanol benchmarks during the period between November 2012 and March 2014.
EU antitrust authorities initiated investigations into Lantmannen, Alcogroup, and Abengoa in 2015 following raids on several companies in 2014 and 2015.
The European Commission revealed that these three companies collaborated in a cartel that specifically targeted the wholesale price formation mechanism for ethanol in Europe.
While the case against Alcogroup was dropped earlier this year due to insufficient grounds, Abengoa received a 20 million euro fine two years ago.
The recent fine imposed on Lantmannen underscores the European Union’s commitment to combating anti-competitive practices in the ethanol industry.
