The Ukrainian Antimonopoly Committee (AMCU) has fined the Proletar glass factory (Lysychansk, Luhansk region), UAH 50,000 for over-stating its prices without justification.
“The committee ruled that …
The Ukrainian Antimonopoly Committee (AMCU) has fined the Proletar glass factory (Lysychansk, Luhansk region), UAH 50,000 for over-stating its prices without justification. “The committee ruled that prices of the Lysychansk glass factory were not justified economically,” according to a statement from AMCU. AMCU said that inspections of the plant in 2003 and at the beginning of 2004 found that polished glass was sold at substantially over-stated prices. At the same time, profits of the enterprise exceeded the average profitability in the sector by a factor of 4. According to the statement, the plant admitted the violation and undertook to prevent over-stating of prices in future. In April 2004, the Antimonopoly Committee April began investigating the pricing policies of Proletar following complaints by Kyivmiskbud, a buyer of Proletar“s sheet glass. In 2003, the company reduced production of sheet glass by 14% to 14,235,000 square meters compared with 2002. Proletar finished 2003 with net profits of UAH 23.9 million, having increased income by 10.4% to UAH 168.778 million.