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Finance

STC fined $2.66 million for violating competition law

The General Authority for Competition (GAC) imposed on Tuesday a fine of SR10 million ($2.66 million) on the Saudi Telecom Company (STC) for abusing its dominant position and violating competition law.

After a process of collecting evidence and investigating, GAC said it found that STC has violated articles of the competition law and its implementing regulations.

The authority said that STC imposed certain conditions on sale and purchase processes with dealing with another entity that would make the later in a weak competitive position, adding that the company refused to deal with another entity without justification to limit its entrance to the market.

According to GAC’s statement, STC violated Article 5 of the competition law, which stipulates that “any entity with a dominant position shall be prohibited from any practice that could limit competition”.

The disputes settlement committee said that after it issued the resolution, STC appealed the decision. However, The Administrative Appeals Court ended up supporting the committee’s decision to impose the prescribed penalties, and the ruling then became final.

During the first nine months of 2020, STC , the first and biggest communications company in Saudi Arabia, achieved a profit of SR8.4 billion, compared to SR8.3 billion during the same period of last year, with a slight growth of 0.69%.

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