14 cement firms fined for price manipulation in Saudi Arabia ...United Arab Emirates

A collective fine of US $37.32mn has been imposed on 14 cement companies in the Kingdom by Saudi Arabia’s General Authority for Competition (GAC). The antitrust authority imposed a $2.66mn fine on each of the cement firms for manipulating cement prices for their own benefit, infringing Article 4 of the Competition Law. The law prohibits practices, agreements, or contracts among competing firms that lead to controlling the prices of goods and services intended for sale by increasing or decreasing them to harm the market, the authority explained. The authority said it received complaints that several companies in the cement sector had manipulated prices to benefit themselves. Following this, t

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Last updated : 12 April 2023 clock 09:29 AM

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14 cement firms fined for price manipulation in Saudi Arabia ...United Arab Emirates

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