Motor Oil considers the recent decision of the Competition Commission to impose a fine to be completely incorrect and unsustainable, with the listed company announcing today that it will appeal to the competent courts for its annulment, using "all legal means to defend its interests", as it says.
In particular, MOTOR OIL (HELLAS) KORINTHOS DISTRICTS S.A. (the Company) states in a relevant announcement that "on 30.09.2024, the Competition Commission served a decision on 30.09.2024 on the imposition of a fine of EUR 9.2 million for alleged—according to the Commission's allegations—obstruction of an ex officio inspection carried out at the premises of the Company's Headquarters in September 2021. Also by the same decision, a fine of €50,000 was imposed on the Company's CEO, Mr. Ioannis V. Vardinoyannis.

With regard to the above, the Company clarifies the following:

1. During the audit, the company's staff cooperated with the auditors by complying with their legal obligations, responding fully to the auditors' requests, and facilitating the conduct of the audit, which is noted in the rationale of the Commission's decision. The Commission's audit did not reveal any issues of violation of competition law by the Company. All records and information requested by the Commission's auditors were provided or made available.
2. The Commission's allegation that the auditors were denied access to the office of the company's CEO, Mr. Ioannis V. Vardinoyannis, is unfounded. All evidence proving that the office space was private and was neither owned nor leased by a company of the Company's group was provided to the Commission in due time. Moreover, this space is located within the same building but at a different location from our company's offices. However, the Commission has shown a particular insistence on entering and searching private office space in a manner that violates any notion of legality. Obviously, its purpose was to create an impression and not to investigate the commission of any legal violations. Therefore, the auditors were not allowed to enter his private premises, which is in no way included in the office space leased by the Company.The Company considers the Competition Commission's decision to impose a fine to be completely incorrect and unsubstantiated.

In view of the above, the Company will appeal to the competent courts for the annulment of the above decision of the Competition Commission and will use all legal remedies to defend its interests," the announcement concludes.