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European Commission imposed fine on MOL
The European Commission has today fined MOL Euro 23.7 million for participating in an alleged concerted activity with regard to the European paraffin market for the period of 1992-2005.
As MOL has already stated while co-operating with the Commission on this matter, MOL's position is that no official corporate decision was made with regard to participating in cartel-type behaviour in case of the affected product.
Paraffin sales represent a very small proportion, less than 0,5% of MOL's total revenues. The sales activity in this market was undertaken by an earlier acquired subsidiary of MOL in the beginning of the investigated period, and following that was taken over to the parent company’s responsibility.
MOL regrets that in the 1990s it did not at that time have sufficient internal controlling and audit systems which could have identified and filtered out a situation such as that identified by the Commission in its investigation.
