Feb 05 2012 |
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Fines for greedy retailers
UAE's Ministry of Economy introduce penalties of up to Dhs1 million on businesses which illegally raise prices
The new penalties are part of stringent measures to protect consumers from dishonest traders, after a record number of complaints last year.
News of the tough fines emerged as the head of the ministry's Consumer Protection Department, Hashim Al Nuaimi, met with prominent traders in Umm Al Quwain to brief them on the ministry's plans for this year. He told them the ministry has already slapped penalties of up to Dhs100,000 on retailers or dealers caught hiking prices of certain
consumer products without official approval - but guilty parties could now face a Dhs1 million fine.
According to Al Nuaimi, the ministry recently imposed a fine of Dhs100,000 on an egg dealer for raising prices after he was caught hiking prices on three separate occasions. Officials said in December they would review consumer protection measures and develop a mechanism to counter such price hikes.
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