The Saudi Ministry of Commerce and Investment announced on Thursday a fine of up to SR1 million ($266,119) for traders attempting commercial fraud.

The ministry’s spokesman, Abdulrahman Al-Hussein, encouraged the public to continue reporting cases of commercial fraud, with rewards of up to 25 percent of the paid fine. He added that reports of commercial cover-ups will be rewarded with 30 percent of the paid fine.

The ministry said it will apply listed penalties for organizations attempting to take advantage of the current situation, including a SR10 million fine to merchants who hide goods to imply a shortage in products to undermine competition.

Al-Hussein said that the ministry had recently completed 73,000 inspection trips to check stock availability and reassured the public that sufficient stock is available for Ramadan grocery shopping.

During these inspection rounds, 7,000 fines were given to institutes that did not follow regulations, with fines for jacking up the prices of products starting from SR1,000 to SR50,000. 

The ministry constantly monitors 116 products electronically and conducts site visits to check their quality and prices.

Al-Hussein warned people against overstocking food and encouraged moderate consumption as food waste reached 30 percent. “Always remember, what you buy in excess could be someone else’s necessity,” he said.

The spokesman added that in order to protect young people, those under the age of 15 have been prohibited from entering stores and hypermarkets.

SOURCE : ARABNEWS