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Wednesday, 2 November 2016

ECA refers two fertilizer producers to prosecution, refuses settlement

The Egyptian Competition Authority (ECA) has asked prosecutors to open investigations into two fertilizer producers — Abu Zaabal Company for Fertilizers and the Egyptian Financial and Industrial Company (EFIC). The ECA’s bid to reach a settlement with the two companies failed, Al Mal says. The ECA had said in late August that the two had colluded to fix selling prices domestically and also limited distribution nationwide to preserve their respective market shares, preventing production-driven price decreases from reaching the consumer. Earlier in October, the ECA had also refused requests for a settlement to close the cases of 24 distributors of superphosphate fertilisers and referred them to prosecution.

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