AINOS SA: The company’s response to the fine from the Ministry. Development – 2024-03-06 01:59:29

A fine of 742,000 euros was imposed on the company “AINOS SA”, as it obtained a larger margin of gross profit than that stipulated by the relevant legislation, according to the Ministry of Development. In its press release, the company categorically states that it has never obtained, in an illegal or unfair manner, profits from the distribution of its products to the consumer public. The announcement in detail:

“In response to the Press Release of the Ministry of Development dated 4.3.2024 regarding the imposition of a fine of €742,000 on “AINOS SA” for an alleged violation of the provision of article 54 of Law 5045/29.7.2023 regarding the reduction of phenomena of unfair profit and to informing the consumer public, the company announces the following:

1. According to the provision of article 54 of Law 5045/2023 “… it is prohibited to obtain a gross profit from the sale of any product that is necessary for health, nutrition, living, movement, heating, the production of hot water for use and consumer safety, as well as from the sale of school supplies and agricultural products and food, in particular raw materials for the production of fertilizers, animal feed, raw cereals of all kinds, flour, sunflower vegetable oils, when the gross profit margin per unit exceeds the corresponding margin of gross profit per unit before 31 December 2021”.
2. As part of the audit, the company collaborated with the Interagency Market Control Unit of the Ministry of Development and a total of seventy-eight (78) product codes were checked, for twenty-eight (28) of which it was judged that the aforementioned provision was observed and no fine was imposed.
3. For fifty (50) product codes, it was judged that during the audited period from 02.10.2023 to 31.10.2023 the company allegedly showed a greater profit margin than the same time period in the year 2021.

Therefore, “AINOS SA” categorically declares without prejudice to all its legal rights that:

1. the control report of the Interagency Market Control Unit of the Ministry of Development is full of errors and inaccuracies, since the production cost of the products, which for these products is calculated on a quarterly basis, has not been taken into account when calculating the gross profit margin.
2. has never obtained, in an illegal or unfair manner, profits from the distribution of its products to the consumer public.
3. intends to appeal to the administrative courts to annul the decision imposing a fine and to restore its corporate reputation.”