This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Alliance One Reports No Change In Previously Paid Fines Following Court Ruling

MORRISVILLE, N.C., July 19, 2012 /PRNewswire/ -- Alliance One International, Inc. (NYSE: AOI) announced in October 2001 that the Directorate General for Competition of the European Commission (the "EC") began an administrative investigation into certain tobacco buying and selling practices alleged to have occurred within the leaf tobacco industry in some countries within the European Union, including Spain and Italy.  In 2004, the EC fined the Company and its Spanish subsidiaries 4.4 million euro ( US$5.6 million) in the aggregate, and in 2005 fined the Company and its Italian subsidiaries 24.0 million euro ( US$28.8 million) in the aggregate.  As previously announced, AOI fully recognized the impact of, and paid in full, each of the above-referenced fines in prior fiscal years.

In today's judgment in joined cases C-628/10 and C-14/11 relating to a 1.8 million euro fine imposed by the EC on one of the Company's Spanish subsidiaries, and as to which the EC further imposed joint and several parent company liability on AOI and such subsidiary's other shareholders (being a corporate predecessor of AOI, and a current subsidiary of AOI), the European Court of Justice (the "ECJ") denied the appeals of both AOI and the EC and affirmed the judgment of the General Court, resulting in no change to the 1.8 million euro fine paid in a prior period.

Appeals relating to a second case involving a different Spanish subsidiary regarding the remainder of the 4.4 million euro of previously paid fines, and the matters involving the Company and its Italian subsidiaries with respect to the 24.0 million euro of previously paid fines, are continuing at different stages before the ECJ.

SOURCE Alliance One International, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs