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Competition Law News: 1,000,000 EUR Merger Fine Imposed by the Competition Council

 

23 July 2015

Chisinau, Moldova - On 23 July 2015 the Competition Council imposed the largest fine yet for the infringement of Competition Law: a tourist company was sanctioned with a fine of 21 million MDL (over 1 million Euro) for failure to notify a merger that was declared incompatible with competition.

In particular, Scavolin SRL (Toco Tour) failed to notify the acquisition of 100% shares in Anesto-Tur SRL (Robinson), while such acquisition led to the creation of Scavolin SRL’s dominant position on the market of formation and sale of touristic travel packages to the Turkish seaside.

In addition, the Competition Council ordered the parties to unwind the merger.

This heavy fine draws attention to the existing merger control regime and to the serious consequences that a failure to notify may have on a merger.

It also shows Competition Council's willingness to take up an active role in the identification and sanctioning of economic concentrations not notified to it.

Want to learn more? Contact Ana.Galus@TurcanLaw.md.