ARMENIAN OLIGARCH FINED 500,000 AMD

Tert.am
15:49 ~U 02.02.10

RA State Commission for Protection of Economic Competition, during
its session today, fined local companies ArmFarm, Farm Gohar,
Deghabaza Yerevan and Alex Grig 500,000 AMD each for not presenting
the information they requested within the designated period.

The first three are companies operating in the pharmaceutical market.

The fact that they did not provide the commision with the information
it required or delayed its provision caused some problems for a court
case filed against some pharmaceutical companies accused of reaching
an anti-competition agreement among each other.

The information these companies provided is now being examined and
the fact that they might have been involved in an anti-competition
agreement checked.

Alex Grig also did not provide the commision with the required
information in due time though, during the pre-Christmas period,
the commision had warned all the companies in the market that if they
decide to raise prices, they must present their reasons for doing so
to the commision.

Later, it was only with the comission's monitoring that it was revealed
that the price of butter produced in New Zealand has risen.

Furthermore, the commision decided to conduct inspections on another
pharmaceutical company, Fedita Farm, with the aim of checking the
authenticity of the information presented to the court and on suspicion
of creating an environment of anti-competition for other companies.

From: Emil Lazarian | Ararat NewsPress