CRH facing €32m Swiss fine

CRH facing €32m Swiss fine
06 July 2015

CRH is facing a €32m a fine from the Swiss Competition Commission (Comco) following an investigation into the bathroom fixtures and fittings industry.

In a statement released on Friday  CRH confirmed that Comco is imposing a CHF80m fine on the Association of Swiss Wholesalers of the Sanitary Industry, including a fine of approximately CHF34m (€32m) on CRH plc.

The basis of the competition watchdog’s findings is expected to be available in four months, at which time CRH has the option to appeal the decision to the Federal Administrative Tribunal.

CRH said that it is surprised at the unprecedented decision by ComCo not to publish the basis of its findings at the same time as informing the public of its decision, considering that ComCo had been reviewing and considering this matter for over nine months.

“CRH continues to be of the view that the position of ComCo is fundamentally ill-founded and views the proposed fine as unjustified,” the company said in a statement.

In May 2014, secretariat of ComCo proposed that fines of CHF 283m should be imposed on the overall wholesalers’ association. The amount imposed on CRH plc is approximately 70 per cent less than the fine that the Secretariat proposed in May 2014 (CHF119m).

Published under Cement News

Tagged Under: CRH