Current crisis in fish auctioning tied to failure in drafting rules

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KUWAIT CITY, Aug 11: The recent crisis of Med (Mullet) fish revealed that the Ministry of Commerce is lax in its duties and has not taken any measures to find a solutions to the problems in the auction markets report Al Jarida.

The study, prepared by an agency showed that the current practices in the auction markets due to the failure to write rules and regulations that ensure fair competition in the market. Sources said that the study, which addressed the reasons leading to abnormal price increases, called for the Ministry of Commerce to issue licenses to brokers selling fish and shrimp, and monitor their performance, and investigate cases of fraud and fraud and raise prices without justification.

The recommendations also included improving the process by removing or easing restrictions on fishermen to access the market, increasing transparency, appropriately registering and identifying actual bidders, identifying and regulating a number of steps prior to the auction, and strengthening the way in which prices are submitted according to best practices; In addition to limiting the ability of price providers to withdraw their bids, and amend the rules and mechanisms related to information.

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