The Minister of Development, Kostas Skrekas announced Tuesday that the competent watchdog had imposed a € 561,000 fine on a dairy products company for violating fair market practices.

FRIESLANDCAMPINA HELLAS S.A is the latest in a series of businesses that have incurred monetary fines after breaching Article 54 of Law 5045/29-07-2023 regarding the restriction of unfair profit practices. The decision was made following inspections conducted by the Market Control Unit (MCU).

After thorough audits of a bevy of product codes, it was determined by the market watchdog that the aforementioned company had violated nine codes, including exceeding the permitted limits of baby formula profit margins set by Greek legislation.

Commenting on the fine, Minister of Development, Kostas Skrekas, said that the Greek state meant what it said regarding clamping down on illicit profiteering. “Today, we announced a substantial fine on one of the most well-known companies specializing, among other things, in baby formula. The monitoring mechanisms of the Ministry of Development are in constant readiness. No unfair profit practices will be tolerated. Supporting families is a priority for our government. Combating profiteering in infant milk, as evidenced by the new measures approved by Parliament, is our duty.”