Firms fined 1.9 billion Turkish Liras in price, stockpiling inspections

ISTANBUL

The Trade Ministry imposed approximately 1.87 billion Turkish Liras ($45.3 million) in fines between January and August this year following inspections targeting excessive pricing, stockpiling and price labeling violations.

According to the Ministry, in the first eight months of the year, 371,525 businesses and 23.22 million products were inspected in relation to excessive pricing, stockpiling, price labeling and consumer protection, resulting in fines totaling 1.87 billion liras.

In August alone, authorities inspected 8,957 businesses and issued 12.2 million liras in fines for unfair commercial practices, stockpiling and excessive pricing.

From January to August, 77,405 individuals and legal entities in sectors including automotive, real estate, jewelry and retail were inspected. Jewelry sector inspections resulted in 17.9 million liras in fines, the real estate sector faced 47.9 million liras, and the automotive sector 87.5 million liras. Violations related to commercial electronic communications and working hours led to 27.7 million liras in fines.

By region, 6.6 million products were inspected in Istanbul, 3.9 million in Ankara and 3.4 million in Antalya. In Istanbul alone, 140,814 non-compliant products resulted in 508.6 million liras in fines.