The Netherlands Authority for Consumers and Markets (ACM) imposed fines of EUR 450 000 (approximately ZAR 5.9 million) and EUR 1.5 million (approximately ZAR 19.9 million) on three private equity firms for the involvement of one of their former portfolio companies in an alleged cartel on the Dutch flour market. Although the private equity firms were not aware that the portfolio companies concerned had participated in a cartel, they were held liable as they were found to have exercised decisive influence via corporate governance rights over the cartel member.