Eimskip and the Icelandic Competition Authority have reached a settlement in the competition case that has been under investigation for the past years, where the main period of investigation was 2008 to 2013.
Eimskip emphasizes that in recent years fundamental changes have been made in the Company’s operations, new governance structure is in place, new members in the Board of Directors, new executive managers on board, and new main owners. Eimskip also emphasizes that by making a settlement in this case the Company confirms its will to operate in accordance to the Competition Act and states that the settlement will enhance competition.
With the settlement, it is acknowledged that there was communication and collusive behavior with Samskip during the investigation period which entailed serious infringements of art. 10 of the Icelandic Competition Act and art. 53 of the EEA agreement. Infringement of art. 19 of the Competition Act is also acknowledged. As a result, Eimskip agrees to pay a fine amounting to 1.5 billion ISK or approximately EUR 10 million.
This settlement concludes the investigation towards Eimskip and there will be no further investigation or proceedings against the Company or its employees on behalf of the Icelandic Competition Authority regarding the matter.
Vilhelm Már Þorsteinsson, CEO:
“It is an important milestone, but at the same time a difficult one, to reach a settlement with the Icelandic Competition Authority regarding the case that has been under investigation and concerns the period 2008 to 2013. Since then, there has been a fundamental change in the Company’s operations, new executive managers are on board, new main owners have joined the Company and governance structure has been improved. A part of these changes and the journey that we are on was to reach a settlement in this case and now the uncertainty surrounding this matter has been removed. Despite the negative financial impact it was the Board of Directors opinion that it would be in the best interest of the Company to settle this old case.”