Lawyers made their cases yesterday for twelve hours at the Icelandic High Court. The Icelandic Fair Trade Authority found Iceland’s three largest oil companies Shell, Olís and Esso guilty of price fixing late last year and fined them.
The companies appealed for the fines to be lowered considerably.The oil case caused three major board members of the companies to resign, and Mayor Thórólfur Árnason to resign due to his former work as an Esso director.
