Eyal Ravid, owner and CEO of the department store chain, allegedly made public statements about price hikes in violation of competition law.
The Israel Competition Authority has summoned CEO and owner of the Victory department store chain (TASE: VCTR) Eyal Ravid for a pre-charge hearing on suspicion of making public statements in which he attempted to reach arrangements to raise prices.
The move follows a complex investigation lasting more than two years conducted by the Investigations Division of the Israel Competition Authority into suspicions of crimes of implementing restrictive arrangements in the food industry in violation of competition law, among other things through public statements.
Ravid allegedly indicated to suppliers and retailers, in a series of public statements in the last quarter of 2021, about Al-Nasr’s desire to raise prices. Competition Authority investigations revealed that Rapid’s purpose in making these statements was to open the door to higher prices.
This is the third food company whose top executives have been summoned to a hearing by the Israel Competition Authority over alleged restrictive practices after food producer Strauss Group (TASE: STRS) and food importer Willi-Food (TASE: WLIC).
Presumption of Innocence: Eyal Ravid and the Victory Series, as well as Willie Fudd, the Strauss Group, and their senior executives have not been convicted of any crimes and have the right to the presumption of innocence.
Published by Globes, Israel Business News – en.globes.co.il – on May 1, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
Eyal Ravid Credit: Omar Vidar