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Slovnaft to appeal Finance Ministry's decision

THE Finance Ministry says that oil refiner Slovnaft has been violating pricing regulations since 2002 and will have to pay Sk1.35 billion fine (€35.2 million), the daily SME reported.

Slovnaft will appeal the decision since the firm is convinced that neither the inspection itself, nor its findings are in accordance with Slovak law or EU rules.

The company has fifteen days to make its appeal before Finance Minister Ivan Mikloš confirms the decision.

Another option for Slovnaft is to request a court review of the decision within 60 days.

A Ministry inspection initiated by the Antitrust Office in November 2004 concluded that in 2002 to 2003 Slovnaft illegally inflated its prices, resulting in unjustified high profits.

Slovnaft is being fined Sk252.099 million for 2002, Sk275.912 million for 2003 and Sk823.964 for 2004.

Compiled by Beata Balogová from press reports
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