Statement: Oriental Weavers denies monopolistic practices

Oriental Weavers, the world's biggest machine-woven carpet maker, said on Wednesday it was not engaging in monopolistic practices, a day after Egypt's watchdog accused the company of anti-competitive behaviour.

The Egyptian Competition Authority has accused the carpetmaker of entering into agreements with distributors to prevent them from selling rugs made by competitors and has referred the case to the public prosecutor.

The company denied engaging in any monopolistic practices in a statement released on Wednesday, backing up its argument by saying that the agreements contested by the authority had been amended three years ago.

"In 2012 we amended all contracts with the distributors and cancelled the exclusivity condition," head of investor relations Ingy El Diwany told Reuters.

The Egyptian Competition Authority could not be reached for comment. Its complaint refers to current practices.

The company could be fined up to LE300 million ($38.3 million) if a court rules against it, the competition authority has said. 

Back to top button