Brazil citrus exporters face fines
The Brazilian Citrus Growers Association said Thursday that five major citrus exporters are facing fines totaling $46 million in antitrust penalties for allegedly fixing prices paid to growers.
The association said the penalties would be part of a settlement with the Brazil Justice Ministry. The five companies are Citrosuco, Coimbra, Cutrale, Citrovita and Montecitrus.
The Justice Ministry said the companies formed a cartel that held down prices paid for oranges used in making orange juice concentrate.
The companies have until August 16 to accept the Justice Ministry proposal and open their books to outside auditors, an Associated Press report said. If they decline, the investigation would continue and the companies could be subject to fines of up to 30 percent of their revenues.