SR77 million fine for 6 contracting companies for violating Competition Law
The General Authority for Competition (GAC) has slapped fines amounting to a total of more than SR77 million on six commercial establishments operating in the contracting sector for violating the provisions of the Competition Law.
The companies were found guilty of violating the Competition Law and its executive regulations through their collusion and coordination in government bids and tenders in an illegal way.
The Board of Directors of the GAC decided to initiate criminal proceedings against the six violating firms before the Committee for the Resolution of Competition Law Violations. The committee issued its decision to penalize the erring firms with total financial fines amounting to SR77.5 million.
The GAC explained that the punitive measures were taken on the basis of the tasks and competencies assigned to it and in line with the authority’s role in protecting and encouraging fair competition and combating monopolistic practices.
This is in a way achieving the principle of transparency to safeguard the public right, and protect the rights of affected complainants. The authority has taken the procedures of investigation and gathering evidence in accordance with the Competition Law and its executive regulations.
