Legislation amendments extend penalties for breach of competition also to top managers and government officials

Legislation amendments extend penalties for breach of competition also to top managers and government officials

YEREVAN, February 21. / ARKA /. A senior official from Armenia’s antitrust body said today a set of legislation amendments which will be submitted soon to the parliament provide for sanctions not only against companies violating the competition law but also for their top manages and municipal and government-level officials responsible for concrete sectors.

Speaking at a news conference, Pavel Ghaltakhchyan, deputy head of the State Competition for Protection of Competition  (SCPEC), said the amendments are being made to comply with the legislation effective in the Customs Union.

He said the changes provide also for disqualification or removal from office of responsible officials for three years. 

He said that in the context of Armenia's accession to the Customs Union the country must adjust  only one economic competition-related document  because  the legislations of the four member countries are based on common European principles and generally do not differ much.

According to him, the main purpose of the Agreement on Common Principles and Rules of Competition is to ensure free circulation of goods within the Customs Union member countries and to eliminate barriers to competition.

He said all disputes arising in cross-border zone will be resolved by the Eurasian Economic Commission, the highest executive body of the Russia-led trade bloc. The higher instance is the Eurasian Court whose ruling will be binding to all.

He said the fines and penalties will be transferred to the budget of the country where the offender company is registered. -0-

15:18 21.02.2014

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