Swazi Observer

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BUSINESSES FACING UP TO E0.5M FINE FOR OVERPRICING

By Sibusiso Dlamini | 2020-06-17

The Eswatini Competition Commission has announced that businesses who are increasing prices above normal price escalations during the current pandemic will be charged with contravening the COVID-19 Regulations of 2020 pandemic, and the offences carry a fine not exceeding E500 000.

This is according to a statement released by the commission through the print media yesterday. The commission also added that unfair trade practices in the marketing and supply of goods and services is also illegal.

The Eswatini Competition Commission is an independent statutory body whose purpose is promoting fair competition in the economy by controlling anti-competitive trade practices, mergers and acquisitions, protecting consumer welfare and providing an institutional mechanism for implementing the objectives of the Competition Act of 2007.

“The commission would like to bring to the attention of the public that the practice where businesses increase prices above normal price escalations is a contravention of the Coronavirus (COVID-19) Regulations of 2020.

In addition, engaging in unfair trade practices which includes the use of unscrupulous tactics in connection with the marketing and the supply of goods or services to a consumer is prohibited. These offences carry a fine not exceeding E500 000.00,” reads a part of the statement.

The commission is working hand-in-hand with the ministry of commerce, industry and trade as well as the Royal Eswatini Police Services (REPS). The public has also been given a toll-free landline, WhatsApp number, and email that they can report to.

“In an attempt to curb the illegal practice, the commission in collaboration with the ministry of commerce, industry and trade together with the REPS have prioritised efforts to address the unlawful conduct which appears to exploit the COVID-19 pandemic at the expense of the consumer,” reads a part of the statement.

The public can report cases of excessive price increase or other trade practices by contacting the commission on their toll free landline (800 10002), email (info@compco.co.sz), mobile number (7606 2962), WhatsApp number (7606 2962) as well as the commission’s Facebook and Twitter pages.

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