BUSINESSES could face fines of up to ten per cent of annual turnover if they are found to have breached the proposed new Competition Law.
The long-awaited law is lodged today for debate by the States in the next few weeks.
And its architects contend it will stop businesses abusing a dominant market position and colluding with others to unfairly squeeze competitors.It is argued the law will increase consumer choice, keep prices down and lead to lower levels of inflation.However, many companies will be unhappy to learn they could face raids from officials from the Jersey Competition Regulatory Authority (JCRA).Their officers will have powers to seize documents and computers if the States approve the new law.
Article posted on 9th March, 2004 - 12.00am
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