Kuwaiti Competition Protection Agency Fines Steel Company For Violating Law
Date
11/9/2022 7:35:41 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 7 (KUNA) -- Kuwaiti Competition Protection Agency fined on Monday a company for distributing steel, valued at 250,000 KD (USD 806,000), for violating article 34 regarding competition protection.
In a statement to KUNA, the agency said that its disciplinary council decided to fine the steel company about one percent of the revenues during 2020-2021, in accordance to Article 34, adding that companies working in steel were observed closely to verify whether any unfair transactions occurred at any stage of production and distribution.
Article 34 of the Competition Protection Law stipulates, 'the disciplinary council may impose financial penalties at a rate not exceeding one percent of the total revenue achieved by the concerned person during the previous fiscal year if he refrains from implementing any assignment from the agency after a month has passed from his official notification. '
The statement added that after assigning employees to investigate, it was found that the company did not comply with the requests of the agency and refrained from providing it with data and information for a period of more than a month.
The agency affirmed that they will continue in monitoring the market for any illegal practices that is unfair to the competition, and will take legal measures against the violating companies.
Competition Protection Agency called on people to report any suspicious practices that are violating the law by contacting the agency.
The Disciplinary Council of the Competition Protection Agency consists of five members from outside the agency, adding that three are judges delegated by the Supreme Judicial Court, one is the president and the other two with expertise in economic and legal affairs. (end)
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