Armenia to set higher penalties for companies breaking la won fair competition
20.05.2010,
23:56
Artak Shaboyan, chairman of Armenia’s anti-trust body, said Wednesday Armenia’s law on economic competition protection is lenient towards companies breaking the law on fair competition.
YEREVAN, May 20, /ARKA/. Artak Shaboyan, chairman of Armenia’s anti-trust body, said Wednesday Armenia’s law on economic competition protection is lenient towards companies breaking the law on fair competition.
Speaking at a meeting of the State Commission for Protection of Economic Competition he said the legislation would be toughened setting higher penalties for breaching companies. He said together with World Bank experts they are revising the relating Armenian law to make it comply with international standards which set much harder penalties. He said also the proposed changes to the Armenian law offer much higher penalties and other responsibility measures for unfair competition.
Under the current law a company violating the law is fined in the amount of 2% of its turnover in the previous year, but the penalty can not exceed 300 million Drams. ($1 – 384.56 Drams). -0-
Speaking at a meeting of the State Commission for Protection of Economic Competition he said the legislation would be toughened setting higher penalties for breaching companies. He said together with World Bank experts they are revising the relating Armenian law to make it comply with international standards which set much harder penalties. He said also the proposed changes to the Armenian law offer much higher penalties and other responsibility measures for unfair competition.
Under the current law a company violating the law is fined in the amount of 2% of its turnover in the previous year, but the penalty can not exceed 300 million Drams. ($1 – 384.56 Drams). -0-
