Increase in penalties for exorbitant pricing and hoarding

The General Assembly of the Grand National Assembly of Turkey (TBMM) convened under the chairmanship of Deputy Speaker Celal Adan. The legislative proposal on Amendments to the Turkish Commercial Code and Certain Other Laws, which includes increasing penalties for exorbitant pricing and hoarding, was approved in the General Assembly.

With the regulation, the penalty amount for exorbitant pricing has been increased from 100 thousand liras to 1 million liras, and for hoarding, from 1 million liras to 12 million liras.

Minister of Trade Ömer Bolat made a statement on the subject via his X account. In his statement, Bolat said, "We will continue our struggle for our country's economic development with determination and in a more powerful manner."

Bolat's post is as follows:

"I wish that the Law on Amendments to the Turkish Commercial Code and Certain Other Laws, which was discussed in our Supreme Assembly and entered into force with the valuable support and contributions of our Members of Parliament, will be auspicious for our country and our nation.

With these new regulations, which include improvements regarding the fight against exorbitant pricing, the protection of the commercial competitive environment, hoarding, and many other issues, we will continue our struggle for our country's economic development with determination and in a more powerful manner.

I would like to extend my special thanks to the members of the Committee on Industry, Trade, Energy, Natural Resources, Information and Technology, our Members of Parliament, and our Ministry bureaucrats who worked selflessly throughout the deliberations."

I wish that the Law on Amendments to the Turkish Commercial Code and Certain Other Laws, which was discussed in our Supreme Assembly and entered into force with the valuable support and contributions of our Members of Parliament, will be auspicious for our country and our nation.

The fight against exorbitant pricing, commercial competition…

— Prof. Dr. Ömer Bolat (@omerbolatTR) May 23, 2024

News Source: 12punto