Eleven companies are being investigated for charging exorbitant prices – Ebrahim Patel

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Eleven companies are being investigated for charging exorbitant prices – Ebrahim Patel

Minister of Trade and Industry Ebrahim Patel. Picture: ANA

He mentioned the National Consumer Commission and Competition Commission have been investigating these companies for rising their prices through the coronavirus pandemic.

Minister of Trade and Industry Ebrahim Patel says the National Consumer Commission (NCC) and Competition Commission have been investigating eleven companies for rising their prices through the coronavirus (Covid-19) pandemic.

With folks seen panic shopping for at shops throughout the nation, Patel mentioned folks had filed complaints.

“We have acquired quite a few complaints about companies charging exorbitant prices. The NCC and competitors fee are presently investigating eleven companies that are benefiting from the pandemic,” he mentioned.

Patel mentioned if discovered responsible, the companies would face the results.

This comes after authorities introduced final week that companies will face a positive of R1 million, or 10% of their annual turnover, or 12 month imprisonment in the event that they cost unreasonably excessive prices for primary merchandise like meals and medical provides.

Patel mentioned prospects ought to name the NCC and Competition Commission if they think worth will increase by companies.

He mentioned South African-owned companies have been allotted R3 billion industrial funding from Industrial Development Corporation (IDC) as help through the lockdown.

“The IDC has allotted R500 million for commerce finance to import medical merchandise and R700 million for working capital, tools and equipment.

“The funding permits meals safety to be prioritised and help for provide chains that are disrupted by companies that are closing down,” Patel mentioned throughout a media briefing on Tuesday.

Patel added that the funding would additionally present working capital to make sure vitality safety and dealing capital for producers and mentioned that providers that weren’t a part of the IDC sectors will probably be thought of for funding.

The minister mentioned an exemption to banks below the Competition Act to coordinate on measures was issued which could possibly be used to help “strange residents” and companies throughout this era.

He mentioned the exemptions would enable banks to work collectively to plan programmes and aid measures to assist small companies, shoppers and companies in misery via the monetary and financial challenges.

“The exemptions will enable banks to work collectively to make sure the persevering with functioning of the cost system in addition to sharing data and sources to make sure continued availability of banknotes at ATMs, branches and companies for the subsequent three weeks,” he mentioned.

Patel mentioned the federal government would publish a particular authorities gazette on Tuesday to allow shopping center house owners and tenants to contemplate “coordinating their actions” and attain agreements to handle issues akin to cost holidays or rental reductions to tenants.

He mentioned the rules would place limitations on evictions to make sure retailers and others whose earnings could be falling sharply through the lockdown had the required area to outlive with as few changes as potential.

“The rules would initially cowl three areas together with private care capabilities, eating places and retailers promoting clothes, footwear and homeware,” he mentioned.

The minister mentioned controls on motion of buying and selling folks won’t have an effect on the motion of products throughout borders with neighbouring nations.

For extra information your approach, Orignaly Published on https://citizen.co.za  and 

live at 2020-03-24 16:19:37

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