PHILIP MORRIS – EU DEAL
July 1st, 2004
BY KEITH NUTHALL
PHILIP Morris and the European Commission have buried the hatchet with an out-of-court settlement that ends their long-running contraband dispute. Announcing a 12-year agreement to cooperate fighting cigarette counterfeiting, the Commission claimed the deal could also see Philip Morris International making "substantial payments" maybe totalling US$1.25 billion. The company will henceforth work against smugglers with EU anti-fraud agency OLAF.
PHILIP Morris and the European Commission have buried the hatchet with an out-of-court settlement that ends their long-running contraband dispute. Announcing a 12-year agreement to cooperate fighting cigarette counterfeiting, the Commission claimed the deal could also see Philip Morris International making "substantial payments" maybe totalling US$1.25 billion. The company will henceforth work against smugglers with EU anti-fraud agency OLAF.
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