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Italy’s top administrative court annuls 2018 Enel antitrust fine
Global Banking and Finance Review
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MILAN (Reuters) – A top administrative court annulled a 93 million euros ($98 million) fine issued by Italy’s competition watchdog in 2018 against Enel and two of its units for alleged abuse of a dominant market position, the energy group said on Thursday.
MILAN (Reuters) – A top administrative court annulled a 93 million euros ($98 million) fine issued by Italy’s competition watchdog in 2018 against Enel and two of its units for alleged abuse of a dominant market position, the energy group said on Thursday.
A lower administrative court had already cut the fine by two-thirds to 27 million euros in 2019.
The top administrative court “found that there was no abuse and therefore ordered the antitrust sanction to be annulled in its entirety”, an Enel statement said.
Enel, which has always said it had operated in full respect of market rules, expressed satisfaction with the court’s decision.
($1 = 0.9523 euros)
(Claudia Cristoferi, editing Gianluca Semeraro and Elaine Hardcastle)
Antitrust refers to laws and regulations designed to promote competition and prevent monopolistic practices in the market. These laws aim to protect consumers and ensure fair business practices.
Financial penalties are monetary fines imposed on individuals or organizations for violating laws or regulations. These penalties serve as a deterrent against unlawful behavior and can vary in amount based on the severity of the violation.
A dominant market position occurs when a company holds a significant share of a market, allowing it to influence prices and competition. This status can lead to scrutiny under antitrust laws to ensure fair competition.
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