h l s e es fi e

Fish Farmer - - News -

A 20 mil­lion fine against Ma­rine Har­vest has been up­held by the Euro­pean Gen­eral Court. The fine was im­posed by the Euro­pean Com­mis­sion over three years ago in re­la­tion to the com­pany’s takeover of the Pol­ish sal­mon firm Mor­pol in De­cem­ber 2012.

The Com­mis­sion claimed that the ac­qui­si­tion – which saw Ma­rine Har­vest ac­quire a 48.5 per cent stake in Mor­pol – went ahead with­out hav­ing re­ceived prior au­tho­ri­sa­tion un­der EU merger reg­u­la­tions.

It also con­cluded that Ma­rine Har­vest should have been aware of its obli­ga­tions to no­tify and await clear­ance from the Com­mis­sion be­fore pro­ceed­ing with the deal.

Ma­rine Har­vest said it was dis­ap­pointed by both the out­come and the fact that its ar­gu­ments pre­sented to the Gen­eral Court (EU) had not been ac­cepted.

The com­pany was in­formed by the Gen­eral Court (EU) that the Euro­pean Com­mis­sion’s ini­tial de­ci­sion to fine Ma­rine Har­vest

20 mil­lion stands.

The com­pany said it will now em­bark on a ju­di­cial re­view of the judg­ment and de­cide whether to go ahead with an ap­peal to the EU Court of Jus­tice.

If an ap­peal is lodged, a fi­nal non-ap­peal judg­ment is ex­pected to be made by the end of 2018. How­ever, Ma­rine Har­vest has made pro­vi­sion for a sum of 20 mil­lion in its ac­counts.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.