A Ljubljana court recently slashed the fine imposed by the Competition Protection Agency (CPA) on Croatian food company Agrokor from €53.9 million to €1 million.
Agrokor has confirmed the court's ruling, but intends to file an appeal and challenge the CPA's decision to confiscate its 70% stake in Slovenian food retailer Mercator.
On 15 June 2020 the CPA prolonged the seizure of Agrokor's stake in Mercator because Agrokor had refused to pay its gun-jumping fine.
The CPA had ordered the confiscation on 16 December 2019 as Agrokor had received a €53.9 million fine for failing to notify its acquisition of the Slovenian water bottling company Costella from Alsafi Partners.
Agrokor filed a complaint with the European Commission stating that the confiscation contravened EU and Slovenian law.
In January 2020 the Ljubljana District Court upheld the decision to seize the Mercator shares. In June 2020 the Constitutional Court dismissed Agrokor's appeal against the district court's decision.
This article was first published in International Law Office.