EC fines Czech Republic 12.3 million euros

The European Commission has fined the Czech Republic 12.3 million euros (close to 350 million crowns and 16.4 million US dollars). The fine was given because Czech traders stocked up on meat, fruit, and rice before EU entry in order to sell them at a higher price once the country joined the Union. Prague was among eight other EU members that were penalised but only Poland received a higher fine. The countries have four years to pay the money.