ECONOMY

Sea Star pleads its innocence

Sea Star Capital Plc has suggested that the Competition Commission’s decision to impose a fine of 3.7 million euros on it has no legal foundation. The Cyprus-listed company was found to have failed to notify the authorities of its controlling stake in coastal shipper ANEK. Now Sea Star argues that the fine will have a negative impact on its financial report for 2008 but also announced it will appeal it. The Vardinoyiannis group firm stated that its business initiative to buy a number of shares in the Cretan shipping company has had no negative consequences on competition. On the contrary, it said, it allowed new people and corporations to enter the sector of coastal shipping, «strengthening it with fresh capital and taking market shares from old hands that had created greater concentration.» It added that it will continue its investment program in the domestic and European coastal shipping markets.