Del Monte fine reduced

For fresh fruit and vegetable marketing and distribution in Asia
Emily French

BY EMILY FRENCH

Del Monte fine reduced

Fruit producer sees €6.5m (US$8.4m) cut from EU fine for price rigging, while Dole's original fine is upheld

Del Monte fine reduced

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US-based fruit producer Del Monte has secured a reduction in a fine imposed by the European Union (EU) in 2008 for fixing banana prices.

The EU General Court reduced its initial fine of €14.7m  (US$19.2m) to €8.82m (US$11.5m), citing mitigating circumstances and Del Monte’s cooperation with regulators.

However, the 2008 EU fine meted out to US-based agriculture corporation Dole Food for the same offence was upheld.

Dole strongly denies wrongdoing and has stated that it intends to appeal its €45.6m (US$59.5m) fine.

"We strongly believe that the European competition laws were not violated and we will appeal this decision to the EU Court of Justice,” said Dole president Michael Carter.

"The General Court's decision treats discussions about general market conditions the same as a price-fixing cartel."

The companies were found to have participated in rigging banana prices between 2000 and 2002.


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