CAIRO: Egypt’s cabinet approved amendments to a competition and monopoly law that raises fines on crimes for violations to a minimum of 300 million Egyptian pounds ($50.3 million), Al-Ahram newspaper reported on Tuesday.
Prior to this amendment, the fine was set in 2008 at between 100,000 pounds and 300 million pounds, according to the Egyptian competition authority’s website.
"The law includes an article exempting violators who first report the incident from the fine completely as an incentive for reporting monopoly crimes," minister of trade and industry, Mahmoud Eissa, was quoted by the newspaper as saying.
