Share prices had soared during the earthquake: Millions of liras in fines for cement companies

Minister of Trade Ömer Bolat provided information regarding the aid and penalties carried out in the region following the Kahramanmaraş-centered earthquakes. 

Bolat reminded that support was provided to tradespeople in the region after the disaster and stated that it was ensured that no fees would be charged for documents issued by professional organizations to tradespeople and artisans affected by the earthquake during the state of emergency.

Minister Bolat announced that the total amount of cash aid provided to the earthquake zone by the Central Union of Turkish Tradespeople and Artisans Credit and Guarantee Cooperatives (TESKOMB) has reached 200 million liras.

Touching upon the impact of the earthquake on foreign trade, Bolat stated that the exports of the provinces in the disaster zone for the February-December 2023 period fell by 12.1 percent compared to the same period of the previous year.

Bolat emphasized that it was projected that exports, which reached 255.8 billion dollars in 2023 with a 0.6 percent increase, could have risen by 3.1 percent to 262.2 billion dollars had the earthquake not occurred.

INSPECTIONS OF COMPANIES IN THE EARTHQUAKE ZONE

Furthermore, Bolat provided information about the "exorbitant price" inspections carried out on 131 companies operating in the ready-mixed concrete and cement sector in the region where the Kahramanmaraş-centered earthquakes took place. Bolat noted the following:

"As a result of the inspections conducted by trade inspectors, 27 companies were referred to the Unfair Price Evaluation Board on the grounds of exorbitant pricing in ready-mixed concrete and cement sales. The Board decided to impose a total fine of 37 million 766 thousand 946 liras on 18 ready-mixed concrete and cement companies. Investigation and inspection processes regarding the matter are ongoing," he stated. 

News Source: 12punto