Co-Ops Union Panel Monitors Price Rises KUWAIT CITY, Jan 14: Chairman of Cooperative Societies Union Ali Hassan stressed that the committee for monitoring the market prices will not allow the prices of any goods or commodities to increase by more than 10 percent as per the law, reports Al- Nahar daily. During an inspection tour of Qairawan Cooperative Society, he denied the reports being published by the media that the prices of some commodities have increased by 70 percent. Elaborating on the mechanism followed for handling violations committed by the cooperative societies, Hassan revealed that inspectors of the union will issue warnings to those cooperative societies and copies of these warnings will be referred to the board chairpersons of those cooperative societies with a deadline of one week for rectifying the mistake. In case a cooperative society does not respond to the warning, a case will be filed against it for not committing to the regulations of the Cooperative Societies Union, which could even lead to the dissolution of the board of the cooperative society. Meanwhile, Director of Technical System for Price Evaluation and Supervision at Ministry of Commerce and Industry Eid Al- Rashidi revealed that the committee formed for monitoring the prices has notified about illegal hike in the prices of several commodities in some cooperative societies and their non-commitment to the circular issued by the Cooperative Societies Union regarding the unification of prices.
Posted on: Thu, 15 Jan 2015 05:27:50 +0000
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