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RIYADH — The Board of Directors of the General Authority for Competition slapped a fine amounting to SR10 million on Al-Moknaz Fodder Trading Company. The company was penalized after it was found guilty of misusing its dominant position in the market to prejudice or restrict competition as well as to reduce or increase the available stocks of products in order to control prices and fabricate unreal abundance or deficit of goods.
The board of directors of the authority decided to carry out investigation into the complaints against the company. Subsequently, the authority referred the case to the Committee for Adjudication of Competition Law Violations. Following the investigations, the committee issued its decision to penalize the company after it was found that the company had violated Paragraph 3 of Article 6 of the Competition Law, which stipulates that “it is prohibited for the establishment or establishments that enjoy a dominant position in the market or an important part of it to abuse exploiting this situation to prejudice or limit competition or to reduce or increase the available quantities of products in order to control prices and fabricate an unreal abundance or deficit (of goods).
The committee’s decision included imposing a fine of SR10 million on the commercial company, with the decision to be published in the local media at its expense. The Administrative Appeal Court in Riyadh issued its judgment rejecting the appeal filed by the company, challenging the committee’s penal action.
The authority called upon all establishments to abide by the Competition Law and its executive regulations. They were also urged to comply with the rules of legitimate competition that encourage consumer choices and support the growth and efficiency of markets within a framework of fairness and transparency. It called upon establishments to view the compliance guide available on the authority’s website: www.gac.gov.sa.
What's your reaction about this news🥰𝙒𝙚 𝙝𝙤𝙥𝙚 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙡𝙞𝙠𝙚𝙙 𝙩𝙝𝙞𝙨 𝘼𝙧𝙩𝙞𝙘𝙡𝙚. 𝙋𝙡𝙚𝙖𝙨𝙚 𝙨𝙝𝙖𝙧𝙚 𝙞𝙩 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙁𝙧𝙞𝙚𝙣𝙙𝙨 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚 𝙩𝙤 𝙤𝙪𝙧 𝙬𝙚𝙗𝙨𝙞𝙩𝙚 𝙗𝙮 𝙘𝙡𝙞𝙘𝙠𝙞𝙣𝙜 𝙤𝙣 𝙩𝙝𝙚 𝘽𝙚𝙡𝙡 𝙄𝙘𝙤𝙣 (𝙇𝙚𝙛𝙩 𝘽𝙤𝙩𝙩𝙤𝙢 𝙤𝙛 𝙩𝙝𝙞𝙨 𝙋𝙖𝙜𝙚) 𝙩𝙤 𝙧𝙚𝙘𝙚𝙞𝙫𝙚 𝙣𝙤𝙩𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙛𝙤𝙧 𝙚𝙫𝙚𝙧𝙮 𝙏𝙧𝙚𝙣𝙙𝙞𝙣𝙜 𝙖𝙧𝙩𝙞𝙘𝙡𝙚.🥰
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