On 23rd June 2010, the Hellenic Competition Commission (“Epitropi Antagonismou”, hereinafter: “HCC”) issued a decision on the merits by which it imposed fines on five fish farming companies (“NIREUS AQUACULTURE S.A.”, “DIAS AQUACULTURE S.A.”, “HELLENIC FISHFARMING S.A.”, “ANDROMEDA FISHFARMING S.A.” and “SELONDA AQUACULTURE S.A.”) for Article 1 para. 1 Law 703/77 (equivalent to Art. 101 para. 1 TFUE) and Article 101 TFEU violations. The violations established were effected through a Memorandum of Cooperation which contained, among others, provisions on minimum prices and sale quantities, aiming at addressing a recent crisis in the fish farming market. The fines imposed amounted totally to 677.885 Euros. I. Background of HCC Decision No. 492/VI/2010 On 12.11.2008, the fish farming

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