Trade Minister Ömer Bolat announced that companies caught engaging in hoarding three times within a calendar year will face closure penalties. This significant decision in the fight against hoarding was revealed at the Turkey Export Mobilization Summit.
Bolat stated that 81,000 businesses and 580,000 products had been inspected in the struggle against excessive pricing, with necessary penalties imposed. Additionally, discounts had been achieved in cement and ready-mixed concrete.
MINIMUM PENALTY FOR EXCESSIVE PRICING INCREASED TENFOLD TO TL 1 MILLION
Highlighting upcoming substantial increases in penalties related to the Competition Protection Law, Consumer Protection Law, licensed warehouses, cooperatives, hoarding, and excessive pricing, Bolat said, “As a result of excessive price inspections, the minimum penalty for excessive pricing is being increased tenfold, from 10,000 TL to 100,000 TL. The law was enacted in 2020, and we have raised it every year through revaluations. The 55,000 TL penalty is now being increased to 100,000 TL. The amount in the law was 10,000 TL, and we are raising it to 100,000 TL. The upper penalty limit of 100,000 TL is also being increased to 1 million TL.”
PENALTY FOR HOARDING INCREASED FROM 1 MILLION TO 12 MILLION TURKISH LIRAS
“In the case of hoarding, the penalties stated in the law are being increased from 1 million TL to 12 million TL. In practice, we were already imposing this penalty at 4.5 million TL through revaluations. Now, we will increase it to 12 million TL, and the minimum penalty will also rise to 1 million TL. Companies caught engaging in hoarding three times within a calendar year will face closure penalties for up to six days,” he added.
