The Dutch Highest Administrative Court rules that the National Competition Authority can find private equity investors liable for cartel infringements of their portfolio companies in the food market (Flour cartel)

Private equity investors held liable for cartels in the Netherlands* Introduction On 19 March 2019, the highest administrative court in the Netherlands (het College van Beroep voor het bedrijfsleven, “CBb”) ruled that the Dutch Competition Authority (“the ACM”) can hold private equity investors liable for cartel infringements committed by their portfolio companies. [1] According to the ACM, and now confirmed by the CBb, the private equity investor exercised decisive influence over its portfolio company. This followed not only from the economic links, but in particular also from the personal and legal links. For example, one of the founders and managing partners of the private equity investors was also the chairman of the supervisory board of its portfolio company, giving him veto rights

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Mariska Van De Sanden, The Dutch Highest Administrative Court rules that the National Competition Authority can find private equity investors liable for cartel infringements of their portfolio companies in the food market (Flour cartel), 19 March 2019, e-Competitions March 2019, Art. N° 90215

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