ARMENIA TO SET HIGHER PENALTIES FOR COMPANIES BREAKING LA WON FAIR COMPETITION

ARKA
May 20, 2010
YEREVAN

YEREVAN, May 20, /ARKA/. Artak Shaboyan, chairman of Armenia’s
anti-trust body, said Wednesday Armenia’s law on economic competition
protection is lenient towards companies breaking the law on fair
competition.

Speaking at a meeting of the State Commission for Protection of
Economic Competition he said the legislation would be toughened setting
higher penalties for breaching companies. He said together with World
Bank experts they are revising the relating Armenian law to make it
comply with international standards which set much harder penalties. He
said also the proposed changes to the Armenian law offer much higher
penalties and other responsibility measures for unfair competition.

Under the current law a company violating the law is fined in the
amount of 2% of its turnover in the previous year, but the penalty
can not exceed 300 million Drams. ($1 – 384.56 Drams).