In a significant move to curb anti-competitive practices, Turkey's antitrust authority has imposed fines totaling 3.7 billion Turkish liras, equivalent to approximately $89 million, on 13 poultry producers.
The penalties stem from an investigation revealing that the companies exchanged sensitive information, including forward-pricing details, which undermined fair competition in the sector.
The decision requires producers to announce and implement price lists immediately to buyers, eliminating opportunities for collusion.
Eight companies, including the publicly traded Banvit Bandirma Vitaminli Yem Sanayi AS—owned by a joint venture between Qatar Holding and Brazil's BRF—face fines amounting to about 2.7 billion liras.
The remaining five settled for a combined 1 billion liras, with all other implicated firms being privately held.
This action comes amid heightened regulatory scrutiny following Turkey's inflation surge, which peaked at 85.5% in 2022.
The antitrust board's fines in the first half of 2024 alone reached 4.15 billion liras, a 56% increase from the entire previous year, signaling a broader crackdown on industries contributing to price pressures.
"The fines and measures taken will fundamentally change the industry’s long-lasting habits," the board stated, emphasizing the intent to foster genuine market competition and protect consumers from inflated prices.
Industry experts anticipate ripple effects, including potential price adjustments and operational reforms among poultry firms, which play a crucial role in Turkey's food supply chain.
This case underscores the government's commitment to antitrust enforcement in essential sectors.
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Thanks for reading: Turkey Fines 13 Poultry Firms $89M Antitrust, Sorry, my English is bad:)