Monday 28 July 2014
 
»
 
»
Story

56 Saudi firms fined for price manipulation

Riyadh, April 6, 2014

Fifty-six Saudi companies were fined SR222 million ($59.18 million) for price manipulation by the  Ministry of Commerce and Industry's competition commission, a report said.

Companies have the right to become dominant players in a particular market, but they cannot abuse their position by imposing unfair and discriminatory trade conditions on suppliers or distributors, setting unfair increases, using aggressive pricing to drive out new competitors, or resorting to methods that harm economic enterprises or consumers, Mohammed bin Abdullah Al-Qasim, secretary-general of the commission, was quoted as saying by the Arab News report.

Al-Qasim said the government wants to encourage competition, and eradicate business practices that restrict it.

He said the commission was investigating medical gas suppliers following a complaint from the Ministry of Health that suppliers had raised prices from SR38 million to SR117.4 million after three years.




Tags: Saudi | price | Competition |

More Government & Laws Stories

calendarCalendar of Events

Ads

Buy high quality China wholesale Health & Beauty , Electronics, Sports & Outdoors , Computers, Video Games, Toys & Hobbies Cell Phones, Automobiles and other wholesale products directly from reliable Chinese wholesalers or Factories on DHgate.com