UNITED STATES/SPAIN: Dimon fined by European Commission

Source from:  tobaccojournal.com 10/22/2004

Dimon, the world's number 2 leaf tobacco dealer, on Wednesday said it is being fined 2.59 million euros (US$ 3.3 million) for its tobacco buying and selling practices within Spain's leaf tobacco industry. The company said that the Directorate General for Competition (DGCOMP) of the European Commission (EC) had assessed the fine to Dimon and its Spanish subsidiary, Agroexpansion. Dimon said it expects to establish a reserve for the full amount of the fine in the quarter ended 30 September 2004 and does not expect to revise its previously announced guidance regarding its underlying net income for the fiscal year ending 31 March 2005. Enditem