Six explosions in Eritrean capital Asmara, says US State Department    Real Madrid's struggles continue with 2-1 loss to Alaves    New Egyptian league season to end in August; fan attendance not allowed    France's AFD, NBE sign €100 million credit facility agreement    Savills: Boom in global vaccine investment to benefit real estate investors in Middle East    Egypt's exported 4.8 mln tonnes of agriculture products in 11M: Minister    US aircraft carrier deploys to Gulf, Navy says unrelated to 'specific threats'    Ethiopian forces will take Tigrayan capital in coming days, military says    Experts: Virus numbers could be erratic after Thanksgiving    Match winner Afsha continues scoring habit to give Ahly Champions League title    Italy loosens COVID restrictions in five regions, including Lombardy    Egypt's Sisi inspects road projects under construction in Cairo    Light to heavy rainfall forecast in Egypt next week    Ethiopia to generate power from GERD in June 2021, says Ethiopian Minister    Cairo, Alexandria, Gharbiya and Luxor record highest coronavirus infection rates, minister    2021 Grammy Awards: List of nominees in top categories    Egypt's interior ministry takes legal action against 5,226 drivers, 483 shops for violating COVID-19 preventive measures    Sisi calls on citizens to closely observe COVID-19 preventive measures    UAE's ADGM to sign MOU with Israel's securities authority on fintech    Akhenaten performance at the Cairo Opera House is a must go    An advisory chamber    GERD: A point of order?    Leapfrogging the transport network    Cairo International Book Fair suspended for five months over coronavirus concerns    AstraZeneca novel COVID-19 vaccine can be 90% effective, results show    US will reduce number of its troop in Iraq, Afghanistan    Asia forms world's biggest trade bloc, a China-backed group excluding U.S    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Palestinians mourn the loss their longtime spokesman, Saeb Erekat    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    1st stage of Egypt's parliamentary elections kicks off on Saturday    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    Legend footballer Lionel Messi says he is forced to stay with Barcelona    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Iraqi conglomerate eyes developing land that housed Mubarak-era ruling party HQ    Legend Messi officially wants to leave Barcelona, hands transfer request    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Oriental Weavers denies reconciliation with ECA
The company expressed confidence in its legal position
Published in Daily News Egypt on 28 - 09 - 2015

Oriental Weavers Group denied on Monday rumours that reconciliation is taking place with the Egyptian Competition Authority (ECA), highlighting that it rejects settlement due to its confidence in its legal position.
The company added that it maintains its innocence of any monopolistic practices, which prompted the ECA's decision to refer the company to the Prosecutor General.
Last month, Oriental Weavers' Chairman, Salah Abdel Aziz, told Daily News Egypt that the company plans to raise a grievance with influential entities, including the cabinet, against the ECA's accusations.
The company plans to submit documents to the Prosecutor General that refute the accusations against them.
Abdel Aziz added that the ECA report, accusing the company of controlling 90% of the mechanical carpet market during the inspection period, contradicts the latest reports by the Central Agency for Public Mobilization and Statistics (CAPMAS). The CAMPAS report stated that Oriental Weavers has 58% of carpet sales, while 25% of market sales went to imported carpets, and 17% to other local producers.
Meanwhile, the ECA's chairperson Mona El-Garf maintained that the Board of Directors saw breaches committed by the company, which led to them voting unanimously and agreeing to file those accusations. She said that the investigation began after one competing company filed a complaint accusing Oriental Weavers of the matter. After months of research and investigations, the breach was proven, she said, but refused to reveal the name of the company that filed the complaint.
If found guilty, a fine of up to EGP 300m will be imposed on Oriental Weavers Group.
Late last year, the company announced its plans to pump EGP 90m as new investments in its 10th of Ramadan-based factory in the next four years. Abdel Aziz then stated that in order to cover the increasing demands and needs of both the local and international markets, three new production lines are to be added during 2015 in the Oriental Weavers International factory.
The group announced in August that it generated net profits worth EGP 276.8m in the first half of 2015, which ended on 30 June. The figure jumped from approximately EGP 251m recorded in the same period the year before.
The machine- made carpets and rugs company has a strong production force that includes 10 factories in Egypt, China and the US, with almost 20,000 workers.


Clic here to read the story from its source.