Greek authorities slapped a € 610,190 fine on Air Conditioning Company “AGINOR AE” for violating laws related to unfair profit practices.
The decision was announced by the Minister of Development, Kostas Skrekas after it was determined the company had breached the provisions of Article 54 of Law 5045/29-07-2023 regarding the restriction of unfair profit practices following inspections conducted by the Interagency Market Control Unit (DIMEA).

After consumer complaints about the purchase of air conditioning units under the subsidized program “Recycle – Change Appliance,” announced by the Greek government in June 2022, DIMEA conducted a targeted inspection of 117 product serial numbers. It was subsequently found that the company had breached unfair profit provisions in 54 product codes. As a result, the company was fined, as stipulated by relevant legislation, an amount double the benefit derived from the sale of these products.

Market inspections continue

“The inspections for unfair profit practices continue intensively in 2024. The subsidized program ‘Recycle – Change Appliance’ was created by our government to assist households in replacing old energy-consuming devices with new ones, significantly reducing their energy costs,” stated Development Minister Kostas Skrekas, commenting on the fine.

He added, “However, some have attempted to engage in speculation. We do not allow this. We monitor and enforce the law, which applies to everyone without exception. Anyone speculating at the expense of citizens will pay the price, as the law dictates.”

In recent months, DIMEA has imposed hefty fines on several multinational companies for various violations, including Johnson & Johnson, Colgate, Procter & Gamble, Unilever, and most recently, Dixons South-East Europe.