Metair Investments slapped with R400m EU fine for anticompetitive behavior

METAIR

- EDWARD WEST

METAIR Investments and its Romanian auto battery manufacturing subsidiary are being fined nearly R400 million for anti-competitive behaviour y the European Commission, while the group is assessing further options, including the possibility of further legal action.

(SUPPLIED)

Investments is being fined R400 million by the European Union for uncompetitive behaviour after an investigation that started 7 years ago was concluded.

The JSE-listed manufacturer of automotive components said Monday that its 100% owned Romanian battery making subsidiary, Rombat SA, had, on December 15, 2023, been levied a fine of €20.2m (about R398.1m) by the European Commission, after the Commission had concluded that Rombat had contravened EU competition law.

The Commission also found that Metair and its Dutch subsidiary, Metair International Holding Cooperatief UA, were jointly and severally liable for a portion of the fine, amounting to €11.6m, based on a legal presumption under EU law of parental liability, in that they exercised decisive influence over Rombat since its acquisition on March 14, 2012.

The Commission's findings conclude an investigation that was launched in 2018 and spanned 7 years.