EU Fines Dole, Del Monte $82 Million For Illegal Banana Price-Fixing Cartel

October 15, 2008 12:26 p.m. EST

Brussels, Belgium (AHN) - The European Commission on Wednesday ordered the two largest banana importers Dole and Del Monte to pay a combined fine of $82 million for engaging in illegal price-fixing practices.

A third importer, Chiquita, was also involved in discussing and fixing banana prices through weekly phone calls from 2000 to 2002, but Chiquita was not penalized because it served as the whistle-blower about the price cartel.

Dole's fine was $62 million (45.6 million euro), while Del Monte was penalized $20 (14.7 million euro).

European Competition Commissioner Neelie Kroes, in a statement, said, "European consumers spend significant sums on bananas every year... It is totally unacceptable for companies to have rigged prices in this manner and the companies concerned must learn the hard way that the commission will not tolerate such bad behavior."

Chiquita tipped the EC in 2005 after it discovered some of its employees sharing price information with rival banana exporting firms. The tip lead to EC raids on offices of the banana companies in Belgium, Ireland, Britain and Germany.