Turkish parliament moves to increase penalties for price gouging and hoarding

The new legislation would require the Competition Authority to notify businesses of investigations into alleged price gouging or hoarding within 15 days of initiating the investigation. Businesses would also receive detailed information about the accusations against them to allow for more effective defense.

The proposal would also introduce stricter penalties for violations of the Agricultural Products Licensed Warehousing Law. Licensed warehousing companies found to be overcharging, failing to follow proper storage procedures, or otherwise violating the law could face fines ranging from 200,000 to 1 million Turkish Liras.

These changes aim to improve the effectiveness of enforcement actions against price gouging and hoarding, protecting consumers from unfair pricing practices. (ILKHA)