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FINANCIAL NEWS
UAE to impose fines on retailers over price manipulation
05 Aug 2011
(MENAFN) The UAE Ministry of Economy’s Consumer Protection Department director, Dr Hashim Al Nuaimi, said that the ministry would impose a fine that would reach USD0.272 million on retailers who would manipulate products’ prices, reported Gulf News.
Al Nuaimi added that if the retailer repeated the same illegal practices, then the fine would be doubled, moreover, the ministry might shut down the retailer’s business.
He also said that since the beginning of Ramadan, the number of fined retailers reached 58 retailers where most of the violations were reported for price increases and manipulations, moreover, from these 58 retailers, 32 were in Ras Al Khaimah, 18 in Dubai, 6 in Abu Dhabi and 2 in Sharjah, whereas the fines ranged from USD1,360 to USD27,219.
It is worth noting that the ministry will impose fines on retailers over unfair practices that include selling defective or substandard goods, overpricing, and a failure to adhere to standards.
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