Armenia’s anti-trust agency rules to impose 370 million drams worth penalties in 2011

YEREVAN, December 19. /ARKA/. Armenia’s State Commission for Protection of Economic Competition (SCPEC) has ruled this year to slap 370 million drams worth penalties on companies for violations of the law, a significant rise over the previous year when a total of 30 million drams worth fines were imposed, SCPEC chairman Artak Shaboyan said today adding also that before 2010 the total amount of annual fines did not go beyond 10 million drams.

Speaking at an enlarged meeting of the agency he said the fined companies have already paid 170 million drams, up from 20 million drams paid in 2010. Shaboyan also said that this year the Commission made about 193 decisions on application of sanctions, up from 103 in 2010 and 30 in previous years.

According to him, some of the rulings are challenged by companies at courts. Thus, last year 28 decisions were challenged in courts which, however, ruled in favor of the SCPEC. Speaking of the current year, Shaboyan said 19 rulings have been challenged and courts considered 8 of them ruling in all cases in favor of the SCPEC. Shaboyan said slapping financial penalties on companies is not an end for SCPEC.

"What we emphasize is improvement of the competitive environment in our country, solving problems, including those which harm the interests of consumers", Shaboyan said. ($1 - 382.23 AMD). -0-