Saudi Arabia – Five companies were fined more than 25 million rials due to price manipulation

The Competition Council has fined five local companies, worth 25 million and 500 thousand riyals, since the beginning of the year 1439H, after have checked several irregularities.

Irregularities between the agreement on the increase and setting of the price of soft drinks and agreement on the sharing of markets and regions, and to agree with the competitors of control the selling price of rice and the agreement between producers.

A report published by the Council indicated that non-alcoholic beverage companies had irregularities of 15 million riyals, while irregularities related to rice growers recorded 5 million riyals to hear with several competitors to control the selling price of rice. The competition is for rice companies for the last three years.

The total fines imposed on the rice companies amounted to 36 million riyals divided into seven companies: three of them received two fines totaling 8 million riyals and four were fined. three million riyals.

Irregularities in rice companies varied for a number of reasons, including two due to agreements with competitors to control rice sales prices, an agreement with a number of companies to impose conditions on central markets , a market sharing agreement and a control of raw material prices. Reasons for fixing and fixing the selling price of rice at the point of sale, determining the specific conditions for sales to wholesalers and central markets, imposing a minimum resale price.

while two companies working in the field of industrial equipment were sanctioned for four offenses totaling 12 million 500 thousand riyals.