Coronavirus: Saudi Arabia to fine up to $2.6 mln for businesses who hike prices

Visitors walk near the King Fahd Library, following an outbreak of coronavirus, in Riyadh, Saudi Arabia. (Reuters)

Saudi Arabia’s public prosecutor warned businesses of penalties including fines of up to $2.6 mln for any manipulation in prices during a crisis as the Kingdom ramps up efforts to combat the spread of the coronavirus.

“Enterprises engaged in commercial, agricultural, industrial, or in the service industry are prohibited from exploiting temporary impacts, global events, or exceptional circumstances for carrying out contrived practices that create an incorrect and misleading impression that suggests an unrealistic deficit of goods or services in order to control prices,” Saudi Arabia’s public prosecutor said in a tweet on Sunday.

Penalties include imposing a fine calculated at 10 percent of a business’ total annual sales or a fine of up to $2.6 mln (SAR 10 mln) if an estimate of annual sales is not possible, according to the public prosecutor.

Read more: What are the chances of surviving coronavirus? It depends on your age and gender

Saudi Arabia confirmed 15 new coronavirus cases raising the total number to 118 as of Sunday.

The Kingdom has been working on implementing measures to combat the global coronavirus outbreak from spreading in Saudi Arabia, including the closing down of malls except for food stores and pharmacies from operating, and banned serving food inside restaurants and cafes but has allowed delivery and pick-up services to continue.

Read more: What history teaches us about the coronavirus pandemic

SHOW MORE
Last Update: 10:43 KSA 13:43 - GMT 10:43
Top