Competition Authority summons Victory CEO to hearing

Eyal Ravid credit: Omer Vidar
Eyal Ravid credit: Omer Vidar

Eyal Ravid, owner and CEO of the supermarket chain, allegedly made public statements about price rises in violation of the Competition Law.

The Israel Competition Authority has summoned supermarket chain Victory (TASE: VCTR) CEO and owner Eyal Ravid to a hearing before being indicted on suspicion of making public statements through which he attempted to reach arrangements to raise prices.

This move follows a complex investigation lasting over two years conducted by the investigations department of the Israel Competition Authority on suspicions of offenses of implementing restrictive arrangement in the food industry in violation of the 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 Victory's desire to raise prices. The Competition Authority's investigation revealed that Ravid's purpose in making these statements was to open the door to price increases.

This is the third food company in which senior executives have been summoned to a hearing by the Israel Competition Authority due to 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 chain as well as Willi-Food and Strauss Group and their senior executives have not been convicted of any offenses and have the right to be presumed innocent.

Published by Globes, Israel business news - - on May 1, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Eyal Ravid credit: Omer Vidar
Eyal Ravid credit: Omer Vidar
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