ECA refuses reconciliation with 24 fertilizers companies, refers manipulation cases to prosecution

The Egyptian Competition Authority has referred the files of 24 fertilizers companies to the public prosecution over violations in the manipulation of phosphate fertilizers prices.

In a statement released on Monday, the ECA said the companies have coordinated with each other to determine the prices and divide the markets, causing a monopoly problem in the fertilizers' market in view of prices hikes.

ECA asserted that it would fight any attempts for monopoly that might harm the citizens' interests and the economy.

ECA board has proved the violations caused by the 24 companies which have clinched three agreements to determine the prices of phosphate fertilizers which are highly important for the food industry and its prices.

ECA said the files of the companies were referred to prosecution after they abstained from cooperating with the investigation bodies and have been procrastinating in sending the necessary data.

Source: MENA