AMCU fined companies associated with Roshen for monopoly abuse

The Antimonopoly Committee of Ukraine (AMCU) fined a group of companies affiliated with the Roshen company a total of UAH 283.6 mln for abuse of monopoly position.

Interstarch Ukraine, Dneprovsky Starch and Syrup Plant, Intercorn Corn Processing Industry, which are associated in a control relationship through the ultimate beneficial owner, Oleksiy Poroshenko, have been fined for two cases of violation of economic competition law in the form of abuse of a monopolistic position on the national market of primary sales of corn starch syrup and glucose syrups.

The violations involved:

• unjustified price increases for molasses and syrups during April-June 2018, February-March 2019 and October 2020;
• setting different terms and conditions to equivalent agreements with buyers of this product during 2018-2020 for no justified reason.

Having investigated the essence of the established violations of competition law, the AMCU decided to impose the following fines on the Group members:

• Interstarch Ukraine: UAH 210.2 mln (UAH 105.1 mln for each violation);
• Dneprovsky Starch and Syrup Plant: UAH 47.5 mln (UAH 23.73 mln for each violation);
• Intercorn Corn Processing Industry: UAH 25.98 mln (UAH 13 mln for each violation).

Petro Poroshenko, the beneficiary of ROSHEN, President of Ukraine in 2014-19, is included in the ranking of the wealthiest Ukrainians compiled by NV.

Earlier the AMCU fined MHP and Agromars, Radekhiv Sugar.