01.21.10
Seychelles appoints Fair Trading Commission against threats to fair trade
The newly-formed Fair Trading Commission will look out for practices that hinder competition as well as advise on or take action against them. This was announced by the Commission’s chief executive Daniel Gappy on January 20.
According to Gappy, one of the practices is price fixing for which the Fair Trading Commission can fine or jail guilty traders.
On January 15, the commission’s board members met for the 1st time. At the meeting, the commission’s chairman, Dr Shelton Jolicoeur, said that liberalisation of the market economy can “not only bring fierce and vigorous competition but also some amount of anti-competitive practices as firms jostle for economic advantage”.
Gappy said: “When we receive complaints we will investigate them, and the commission will give a ruling based on its findings”. The commission can impose a fine, a jail sentence or both. The traders can appeal agaist its decision to the tribunal and later at the Supreme Court.
The newly-created body will be fully operational in April2010 as the Fair Competition Act will come into force in April.
The Fair Competition Act is aimed to encourage competition in trade and business as well as in the supply of a wide variety of quality goods and services at competitive prices.