The state’s competition authority has referred carpet manufacturing giant Oriental Weavers to prosecutors as “a criminal procedure,” the head of the authority told Aswat Masriya on Wednesday. Oriental Weavers is accused of “monopolistic practice” and this procedure was taken after it was proven that the company has broken the law, Chairman of Egypt’s Competition Authority Mona al-Garf said over the phone. Earlier on Wednesday, Oriental Weavers denied that it was referred to prosecutors, in a statement to Egypt’s stock exchange. The carpet manufacturer added that the letter sent to Oriental Weavers by the authority only tasked the company with resolving its violation within 15 days. The company attached the authority’s letter, which had no mention of the referral to prosecutors. Garf, however, said the authority itself is not obliged to inform the company of its referral to prosecutors and the prosecution will summon company officials for investigation. She said the letter sent to the company included only the administrative decision, in which the company is notified of the violation and asked to resolve them. If the company does not comply with the administrative decision, it is subject to referral to…
Egypt’s Giant Carpet Manufacturer Referred to Prosecution for ‘Monopolistic Practice’
August 20, 2015
