Watchdog suspects bread prices fixed

Court extends remand for Angel and Berman bakery executives.

By JPOST.COM STAFF
May 25, 2010 10:32
A woman shopping for bread (illustrative - Ariel J

bread 311. (photo credit: Ariel Jerozolimski)

 
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Executives from bread companies under investigation for price-fixing may serve prison terms of up to five years, company representatives told Army Radio on Tuesday.

The Angel, Berman and Davidovitch, and Merhavim companies are represented in the case brought forward by the Antitrust Authority.


On Monday, Tel Aviv Magistrate's Court extended the remand of CEO Yaron Angel of Angel Bakeries and CEO Yehuda Shnidman of Berman Bakery until Wednesday.

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According to the Antitrust Authority, the bread companies participated in the fixing of prices and dividing the market for price-controlled bread, whose prices are supposed to be kept low to help the disadvantaged sector of society.

The Israeli bread industry grosses NIS 2 billion in sales every year. Price-controlled bread consists of plain white bread and challa, which are dietary staples for low-income families.

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