KUWAIT CITY, Nov 7 : Kuwaiti Competition Protection Agency fined on Monday a company for distributing steel, valued at KD250,000 (USD 806,000), for violating Article 34 regarding competition protection. In a statement to KUNA, the agency said that its disciplinary council decided to fine the steel company about one percent of the revenues during 2020-2021, in accordance to Article 34, adding that companies working in steel were observed closely to verify whether any unfair transactions occurred at any stage of production and distribution.

Article 34 of the Competition Protection Law stipulates, “the disciplinary council may impose financial penalties at a rate not exceeding one percent of the total revenue achieved by the concerned person during the previous fiscal year if he refrains from implementing any assignment from the agency after a month has passed from his official notification. “ The statement added that after assigning employees to investigate, it was found that the company did not comply with the requests of the agency and refrained from providing it with data and information for a period of more than a month. (KUNA)