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Turkish anti-trust watchdog fines retailers, supplier total of $283 million

10/29/2021 | 05:31am EDT

ISTANBUL (Reuters) - Turkey's Competition Board said on Friday it has fined retailers BIM, Migros, CarrefourSA, Sok Marketler and Yeni Magazacilik, as well as supplier Savola Gida a total of 2.7 billion lira ($283 million) for violating antitrust regulations.

The Turkish anti-trust watchdog alleged that the companies had coordinated prices of products directly or via suppliers in a manner that was against the interests of consumers and had entered into cartel-like agreements or coordinated actions.

BIM was fined 958.1 million lira, Migros 517.7 million lira, CarrefourSA 142.5 million lira and Sok Marketler 384.4 million lira, the competition board said in a statement.

Yeni Magazacilik and supplier Savola Gida were fined 646.6 million lira and 33.3 million lira respectively.

The companies can appeal the board's ruling.

Following the announcement, Migros said that it operates in line with laws and regulations and would file a lawsuit seeking an annulment of the board's decision. Bim, CarrefourSA, Sok Marketler, Yeni Magazacilik and Savola Gida were not immediately available for comment due to a public holiday.

The board said that the fines were determined according to the revenues reported in the 2020 financial statements of the six companies.

($1 = 9.5333 liras)

(Writing by Ezgi Erkoyun; Editing by Alexander Smith & Simon Cameron-Moore)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIM BIRLESIK MAGAZALAR A.S. -2.01% 80.35 End-of-day quote.31.08%
CARREFOURSA CARREFOUR SABANCI TICARET MERKEZI A.S. -1.88% 33.36 End-of-day quote.-12.67%
MIGROS TICARET A.S. -2.43% 41.8 End-of-day quote.10.17%
SAVOLA GROUP COMPANY -0.96% 36.25 End-of-day quote.13.46%
SOK MARKETLER TICARET A.S. -2.31% 12.71 End-of-day quote.0.00%
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Sales 2022 125 B 7 858 M 7 858 M
Net income 2022 5 326 M 335 M 335 M
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