UAE to impose USD0.272m fine on manipulative traders

30 May 2011

(MENAFN) UAE economy minister, Sultan Al Mansouri, said that UAE would consider the enforcement of tough penalties that would involve fines of around USD0.272 million against dealers who would increase consumer products prices without the official permission, reported Emirates 24/7.

Al Mansouri added that the federal cabinet endorsed new regulations that it would enforce in this year’s third quarter, in addition, it warned traders against any manipulation attempts.

He also said that even though other Gulf countries didn’t enforce subsidies, the UAE consumer products prices were the lowest in the Gulf, adding that by imposing anti manipulation laws the country would guarantee a stable market.

It is worth noting that the new law increases the maximum penalty against violating dealers from USD27,220 to USD272,200 and the minimum fine from USD2,721 to USD27,220.

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