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Suppliers Face Fines

A report on food prices in Iceland has brought attention to dubious business deals between suppliers and food stores.

“The Icelandic Competition Authority will consider fining suppliers and stores if they are found guilty of breaking competition laws, and the institution [ICA] is looking into those business deals,” Páll Gunnar Pálsson, President of the Icelandic Competition Authority, told Morgunbladid.

The report, which was published yesterday, reveals certain clauses in deals between suppliers and stores that could prevent normal competition by, for example, pre marking the price.

“The purpose of this report is to give suppliers and stores the chance to go over their contracts and in terms of the report and take their own stand weather or not their contracts include competition obstacles that break the competition laws,” Pálsson said.

Pálson could not say if the suppliers and stores that change their contracts would be cleared of all charges if they were to be found guilty of violations in competition laws committed before the contract changes.

Read more about the report on food prices here

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