Akzo Nobel acknowledges EU fine for choline chloride

13-Dec-2004
Akzo Nobel has acknowledged the decision by the European Commission to impose a fine of EUR 21 million for breaching competition law in the European choline chloride market between 1992 and 1998. The investigation by the Commission commenced in 1999. The Company decided to intensify its competition compliance program in 2000. In view of Akzo Nobel's strong and committed policy to crackdown on any potential cartel issues, the Company fully cooperated with the commission in its investigations. Partly as a consequence of its intensified compliance program, Akzo Nobel is still involved in investigations by the authorities in the United States, Canada and the European Union into several alleged violations of respective antitrust laws. The Company has cooperated extensively with the authorities in all of these cases, which have a tendency to be time-consuming and complicated. In 2000, the Company took a EUR 200 million nonrecurring charge on its balance sheet. Based on the developments in a number of pending cases, in April this year, the Company adjusted its provision. The fine imposed by the Commission for choline chloride has been provided for in full.

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