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Saudi Arabia amends competition legislation

: Thursday, February 06 - 2014 @ 11:22

The Saudi cabinet has passed an amendment to the Competition Law, which imposes a fine of up to SR10m on violators of the law, and said repeated violators would face a double fine, Arab News has reported. “Anyone who violates the law shall be fined a maximum of 10% of the total value of sales or not more than SR10m,” the amended law said. “If the violation is repeated following the issuance of the verdict, the (monitoring) committee may temporarily stop the firm’s activity for a maximum period of one month or revoke the licence altogether,” the law said. “In all cases, the violator shall be asked to refund all the gains made as a result of the offense,” it said.

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Thursday, February 6- 2014 @ 11:22 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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