The UK's Office of Fair Trading (OFT) recently fined grocery retailers and dairy producers £49.51 million, which is just over 9.3 billion Icelandic krónur at the current exchange rate.
The OFT concluded that Arla, Asda, Dairy Crest, McLelland, Safeway, Sainsbury's, Tesco, The Cheese Company and Wiesman had grossly breached competition law through an illegal price fix on certain dairy products in 2002 and 2003. The OFT therefore fined these companies a total of almost £50 million. Several of the companies had their fines reduced for co-operating with the investigation.
See website for details Office of Fair Trading.
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