6 contracting companies fined 77 million riyals

6 contracting companies fined 77 million riyals . The General Authority for Competition (GAC) plays a vital role in ensuring fair competition and combating monopolistic practices in the market. As part of its mission, the Authority is committed to transparency and protecting public rights while also safeguarding the interests of those impacted by unfair competition. To achieve this, the GAC conducts thorough investigations, evidence collection, and inquiries in strict accordance with the Competition Law and its regulations.

6 contracting companies fined 77 million riyals

Violations in the Contracting Sector Uncovered

In its latest efforts to uphold competition laws, the General Authority for Competition has uncovered violations within the contracting sector. Six commercial establishments were found guilty of collusion and coordination in government bids and tenders, a clear breach of the Competition Law and its associated regulations. These actions undermine fair competition and are in direct violation of the principles that the GAC seeks to protect.

Legal Proceedings and Penalties Imposed

The Board of Directors of the General Authority for Competition has approved the initiation of legal proceedings against these six establishments. The cases have been brought before the Committee for the Resolution of Competition Law Violations. Following a comprehensive review, the committee has decided to impose financial penalties totaling SAR 77,594,824 on the offending establishments.

Once the Committee’s decision is finalized, the General Authority for Competition will make the outcomes public, reinforcing its commitment to transparency and the enforcement of fair competition standards in Saudi Arabia.

Source link