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Every tenth entrepreneur in Latvia would be prepared to deliberately distort competition in order to make higher profit - Competition Council
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    Every tenth entrepreneur in Latvia would be prepared to deliberately distort competition in order to make higher profit - Competition Council

    RIGA, Dec 5 (LETA) - Every tenth entrepreneur in Latvia would be prepared to deliberately distort competition in order to make higher profits, according to a survey carried out by the Competition Council.

    One-tenth of businessmen said that they would be prepared to enter into a price fixing agreement with other businessmen, and make consumers overpay for goods or services, in order to earn higher profits. 27 percent of respondents said they did not know what they would do.

    Likewise, 8 percent of local governments said that they would support their municipal companies' involvement in activities distorting competition, while 37 percent could not tell.

    According to the Competition Council's head Skaidrite Abrama, only 83 percent of businessmen know that price fixing is illegal, it is the worst violation of competition rights, and essentially means stealing from society.

    Abrama went on to say that 21 cartels had been busted over the past five years, which involved a total of 103 companies. The total amount of fines was EUR 12 million.

    317 respondents were interviewed for the Competition Council's survey, who represented companies, associations, local governments, and law firms.

    According to the Competition Council, price fixing is so widespread because it is easy to conceal from society. Furthermore, organizers of procurement tenders often choose to ignore indications of violations, either because of ignorance or corruption.

    • Published: 05.12.2018 11:36
    • LETA
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