On March 23 2010 the Competition Council rendered a decision in which it cleared Optima's acquistion of certain petrol stations which were owned by Zovko and Zovko Oil.(1) However, as the transaction had been implemented before clearance had been granted, the council fined Optima KM200,000 (about €100,000) – representing 0.79% of its annual revenue for the year preceding the concentration.
On appeal, the Court of Bosnia and Herzegovina altered the decision in part and referred the case back to the council. In the repeated proceedings, the council confirmed its decision to fine Optima, despite the fact that the acquisition was ultimately cleared.
According to the council, the violation lasted for 11 months. Optima's argument that it considered asset deals to fall outside the ambit of competition law was considered to be an aggravating factor by the council, since Optima was obliged to request an official opinion from the council in cases in which any doubt existed. Optima's willingness to cooperate during the investigative proceedings was taken as a mitigating factor.
For further information on this topic please contact Srdjana Petronijević at Moravcevic Vojnovic Zdravkovic in cooperation with Schoenherr by telephone (+381 11 320 26 00), fax (+381 11 320 26 10) or email ([email protected]).
Endnotes
(1) Optima/Zovko, 01-05-26-033-22-II/09.
July 7 2011