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NGO suggests the amount of penalties imposed on companies for
antitrust conspiracy be raised to 5-15% of their turnover for previous
year
YEREVAN, September 18, /ARKA/. A non-governmental organization set up
to protect the interests of consumers, suggested today that the amount
of penalties imposed on companies for antitrust conspiracy or abuse of
their dominating positions at the local food commodities markets be
raised to 5-15% of their turnover for the previous year, but no more
than 5 billion Drams.
Speaking to a news conference, convened to unveil the findings of a
survey conducted by the organization in March- June to find out the
impact of growing prices on the conditions of vulnerable segments of
population, its chairman, Abgar Yeghoyan, said the amount of penalties
must knock off once and for all the desire of such companies to raise
prices of basic foods by taking advantage of their dominance at local
markets.
The State Commission for Protection of Economic Competition is
considering now a set of bills calling for rise of penalties imposed
on companies for unfair competition and abuse of dominating position
at the market. The current maximum amount of penalty is 2% of the
turnover for the previous year, but no more than 300 million Drams.
Yeghoyan proposed that the government set up an off-budget fund to
accumulate 50% of penalties which could be used to educate the public
about its rights.
The study was conducted with the support of the Armenian office of
Oxfam charity organization based on findings of the non-governmental
organization and the official numbers of the National Statistical
Service.
According to government data, the inflation in March - June rose by
7.4% year-on-year. The government has projected a 4±1.5% inflation for
2010. -0-
From: A. Papazian
antitrust conspiracy be raised to 5-15% of their turnover for previous
year
YEREVAN, September 18, /ARKA/. A non-governmental organization set up
to protect the interests of consumers, suggested today that the amount
of penalties imposed on companies for antitrust conspiracy or abuse of
their dominating positions at the local food commodities markets be
raised to 5-15% of their turnover for the previous year, but no more
than 5 billion Drams.
Speaking to a news conference, convened to unveil the findings of a
survey conducted by the organization in March- June to find out the
impact of growing prices on the conditions of vulnerable segments of
population, its chairman, Abgar Yeghoyan, said the amount of penalties
must knock off once and for all the desire of such companies to raise
prices of basic foods by taking advantage of their dominance at local
markets.
The State Commission for Protection of Economic Competition is
considering now a set of bills calling for rise of penalties imposed
on companies for unfair competition and abuse of dominating position
at the market. The current maximum amount of penalty is 2% of the
turnover for the previous year, but no more than 300 million Drams.
Yeghoyan proposed that the government set up an off-budget fund to
accumulate 50% of penalties which could be used to educate the public
about its rights.
The study was conducted with the support of the Armenian office of
Oxfam charity organization based on findings of the non-governmental
organization and the official numbers of the National Statistical
Service.
According to government data, the inflation in March - June rose by
7.4% year-on-year. The government has projected a 4±1.5% inflation for
2010. -0-
From: A. Papazian