Last month, Finance Minister Alain Hakim accused some companies of price manipulation
in light of a global oil slump.
He added that energy price manipulation
was "totally unacceptable".
The ministry modified certain articles of the federal Consumer Protection Law in May by drafting tough penalties to prevent monopoly and price manipulation
, a senior government official told Gulf News.
This exemption targets the source of price manipulation
and ensures that the business practices of small family-owned processors are not affected by the law.
Existing regulations address "plain vanilla" person-to-person fraud, and price manipulation
, such as market "corners" or "squeezes", he said.
Besides price manipulation
, hoarding of goods also attracts a fine of 2 million yuan ($295,400), according to the new regulation.
The company's chief executive officer, Sanjay Kumar was jailed for 12 years for stock price manipulation
and the entire board of directors was replaced.
Kawano has previously been charged with fraud and violation of the securities law in a separate stock price manipulation
case in Osaka.
Al Mansouri said that the Ministry of Economy has already issued a series of recommendations that were published in local newspapers warning suppliers against price manipulation
Speaking to KUNA, al-Haroun said that the Ministry of Commerce is fully prepared for the upcoming Eid El-Fitr holidays and the new schooling year, indicating that it is working at maximum capacity for the elimination of price manipulation
He added that the control of the Ministry of Commerce is not only limited to price manipulation
, but it goes beyond that to monitor quality and nature of the goods and their impact on the health and safety of consumers.
Al Nuaimi said that 20 hotlines will be available for complaints all over the UAE regarding price manipulation
and monopoly cases.