Dubai: Four corporations in Saudi Arabia have been fined 53 million riyals (51.9 million dirhams) for violating festival law, local media reported Wednesday.
The General Competition Authority (AMC) will soon defame the 4 corporations following the verdicts that were opposed to them through the Complaints Commission, which it then upheld through the Riyadh Administrative Court of Appeal.
Two comfortable beverage corporations will each pay a fine of 20 million riyals. A fine of 10 million riyals was imposed on a computer company by unjustifiable means to prevent other competitors from entering the market. The authority also imposed 3 million riyals on a fuel company for its unwanted habit that led a competitor to withdraw from the market.
This raises the number of maligned to eight.
The Complaints Committee issued 12 rulings in 2019. These judgments were subsequently upheld through the Court of Appeals after GAC filed court cases opposite several for violating festival law in the Kingdom. The remaining four will then be defamed for violating the legal festival.
Meanwhile, the Competition Act Review and Judgment Committee had already made 8 decisions opposed to festival rulers.
The committee’s decisions are initial and possibly challenged in the Administrative Court.
The GAC is an independent authority guilty of overseeing the implementation of the Competition Act, which aims to protect and inspire the fair festival and fight against the monopoly practices that legal festival.
It operates through the festival law and its implementing regulations to maintain the competitive environment in the business sector within a framework of fairness and transparency in the local market, which in turn will allow companies to compete freely and provide consumers with opportunities to reap the benefits. expected benefits of the fair.
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