Saudi competition law violators face $2.7m fine
Riyadh, February 4, 2014
The violators of the competition law in Saudi Arabia will face a fine of up to SR 10 million ($2.7 million) following an amendment passed by the Council of Ministers, said a report.
Repeated violators of the law would face a double fine, said the Arab News report.
According to the amendment, ‘anyone who violates the law shall be fined a maximum of 10 per cent of the total value of sales or not more than SR10 million.’
“If the violation is repeated following the issuance of the verdict, the (monitoring) committee may temporarily stop the firm’s activity for a maximum period of one month or revoke the license altogether,” the law said.
The violator, in all cases, shall be asked to refund all the gains made as a result of the offense, it added.