Saudi Arabia’s General Authority for Competition fines four companies $14 mln
Saudi Arabia’s General Authority for Competition has imposed fines amounting to SR53 mln ($14 mln) on four companies who violated the Kingdom’s Competition Law.
The four companies were judged by the authority’s Board of Grievances and upheld by the Administrative Court of Appeal in the Kingdom’s capital Riyadh after the body filed complaints against companies.
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Of the four, two companies had operate in the "soft drink" business who failed to declare their economic concentration process and will each receive a fine of 20 million Saudi riyals, according to the daily Okaz newspaper.
The third company, specializing the information technology sector, will be fined 10 million Saudi riyals for limiting the entry of a competitor to the marker while the fourth company, one working within the gas sector, will be fined three million Saudi riyals over its conduct that led to its exit of a firm from the market, according to details published on the Saudi Gazette newspaper.
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The authority’s Board of Grievances has issued about 12 judgments in 2019 which were upheld by the Kingdom Court of Appeal, after the body filed a complaint against companies that violated the system.
The total fines imposed on the 12 violating establishments amounted to some 81.26 million Saudi riyals.
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