Festi hf.: Festi has received Statement of Objections from the Icelandic Competition Authority („the ICA”) for allegedly breaking conditions in decision no. 8/2019.
December 21 2023 - 2:00AM
Festi hf.: Festi has received Statement of Objections from the
Icelandic Competition Authority („the ICA”) for allegedly breaking
conditions in decision no. 8/2019.
After closing of
markets on Wednesday, 20 December 2023, Festi received a Statement
of Objections from the ICA for allegedly breaking conditions stated
in the ICA‘s decision no. 8/2019 (merger of N1 hf. and Festi hf.).
The statement is a part of an investigation that began with an
announcement thereof to Festi from the ICA in December 2020. Festi
formally responded to their questions in February 2021, as has been
disclosed in the Company‘s Financial Statements for the year 2020,
2021 and 2022.
The preliminary
assessment in the Statement of Objections is that Festi has broken
conditions in it‘s agreement with the ICA dated 30 July 2018
concerning the merger of N1 and Festi, as well as conditions in
Article 19, i.e. Article 17 of the Icelandic Competition Act. It is
the preliminary assessment of the ICA that the alleged
infringements are severe and it is stated that sanctions may be
imposed in accordance with Article 37, third paragraph of Article
17 e. and first and second paragraph of Article 16 of the
Competition Act.
The Statement of
Objections from the ICA does not contain any regulatory decisions
or is it in any way binding. As indicated in the Statement of
Objections, its purpose is to make it easier for Festi to use its
right to object in accordance with law and to promote the right
decision to be made on the matter. It is also stated that if
arguements, explanations or new information arise, the ICA’s
initial assessment may change.
Festi is still of the
opinion that the Company has not broken the conditions of the
agreement with ICA and preparation to respond to the allegations
has begun.
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