Electrical Industries Company announced on Sunday that it has received a resolution from the Committee for Adjudication for Competition Law violations, through its lawyer, on July 17, 2024. The resolution, numbered 242, imposes a fine of SAR 26.1 million on two of its subsidiaries for a potential violation of Competition Law.
According to the company, six Saudi companies, including two subsidiaries of Electrical Industries Company (EIC), were accused by the public prosecution of the General Authority for Competition of violating Competition Law. The Board of Directors of the Authority issued resolution number 683 on September 4, 2023, to initiate a criminal case against the aforementioned companies.
The company indicated that the expected financial impact is SAR 26.1 million, noting that the amount of the fine is immaterial compared to the overall volume of the company’s business and assets.
