Ministry takes action: 327 million TL in 'exorbitant price' fines imposed on 1,274 businesses

The Ministry of Trade continues to conduct intensive inspections across 81 provinces, including both sector-specific audits and exorbitant price checks, with the aim of ensuring price stability and establishing a fair domestic market by preventing exorbitant pricing.

Within the scope of these inspections, 15 thousand 80 individuals and legal entities were audited in 2023, and administrative fines totaling 135 million 104 thousand 257 TL were imposed on 646 individuals and legal entities found to be in violation. From the beginning of 2024 until September 15, 45 thousand 318 individuals and legal entities were audited as part of exorbitant price inspections, and administrative fines totaling 197 million 610 thousand 314.50 TL were imposed on 691 individuals and legal entities engaged in non-compliant activities.

The statement issued by the Ministry also shared the following details regarding the fines:

"-In 2024, 202 firms in the automotive sector were inspected, and a total of 75 million 13 thousand 928 TL in administrative fines was imposed on 68 firms for engaging in non-compliant acts and hoarding.

-As part of our inspections targeting the real estate sector, 538 individuals and legal entities were audited as of September 15, 2024, and administrative fines totaling 30 million 152 thousand 253 TL were imposed on 392 individuals and legal entities found to be in violation.

24 MILLION 600 THOUSAND TL FOR 'NON-COMPLIANT ACTS'

-Within the scope of inspections conducted in the jewelry sector in 2024, 310 individuals and legal entities were audited, and administrative fines totaling 24 million 600 thousand TL were imposed on 123 individuals and legal entities due to their non-compliant acts.

-In addition to these inspections, a total of 30 million 74 thousand 880 TL in administrative fines was imposed on 46 wholesale market traders and 2 poultry firms during the 2024/3 Unfair Price Evaluation Board (HFDK) meeting held on July 24, 2024.

-As the Ministry of Trade, a total of 46 thousand 368 individuals and legal entities were audited between the beginning of 2024 and September 15 as part of sector-specific and exorbitant price inspections, and administrative fines totaling 327 million 376 thousand 495.50 TL were imposed on 1,274 individuals and legal entities found to be engaged in non-compliant actions and hoarding attempts."

The Ministry also emphasized that efforts will continue uninterrupted to prevent unfair gains through behaviors contrary to commercial ethics and to ensure the functioning of a fair domestic market.

News Source: 12punto