Antitrust fine to be increased to 10% of violating products

The Ministry of Trade and Industry has submitted a proposal to the cabinet that the antitrust fine be increased to 10 percent of the sales of violating products, in addition to the fixed fine of LE300 million.

The proposal also encourages investors to report antitrust practices to the authorities.

Dissolved ruling party member Ahmed Ezz, who is now jailed pending investigation on charges of antitrust practices, strongly opposed the antitrust law proposed by former Trade Minister Rachid Mohamed Rachid in 2008. Ezz managed to influence parliament such that many of its clauses were rephrased.

Translated from the Arabic Edition

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