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Sunday 13 March 2011
Carrefour faces fines over mainland prices
Mainland regulators want to fine French retail giant Carrefour 2.5 million yuan (HK$2.95 million), the maximum for overcharging customers, state media reported yesterday.
Mainland regulators want to fine French retail giant Carrefour 2.5 million yuan (HK$2.95 million), the maximum for overcharging customers, state media reported yesterday.
Municipal regulators fined three Carrefour stores in Shanghai and two in Yunnan province 500,000 yuan (HK$590,000) each on Saturday, Xinhua reported.
However, the final fine will be decided only after a hearing, where regulators said Carrefour representatives would be able to respond to the charges.
In all, 11 Carrefour stores were accused of charging more than the price they displayed on products ranging from cotton underwear and tea leaves to rubber gloves, according to reports. Three Wal-Mart stores also face fines for overcharging.
Carrefour “sincerely apologises” and has offered to refund customers five times the difference between the price charged and that on the label, state media reported last week.
“We will have our special control group conduct internal price inspections, with wide coverage and high frequency,” Carrefour China’s head of public relations Chen Bo was quoted as telling Xinhua.
Regional authorities were ordered to fine the Carrefour and Wal-Mart stores for deceptive pricing practices and confiscate their “illegal income”, the National Development and Reform Commission said on its website. Fines should be five times the amount confiscated, or up to 500,000 yuan if the amount cannot be calculated, the statement said.
The commission also urged authorities to step up price investigations in the lead-up to the Lunar New Year, which falls on Thursday, and punish offenders with fines and licence suspensions.
Retail spending usually soars for the most important holiday of the year as people spend heavily on food and gifts for family and friends.
The crackdown comes as Beijing tries to curb inflation, which stood at 4.6 per cent year on year in December, down from a two-year high of 5.1 per cent in November.
But analysts expect consumer prices to increase at a faster pace this month due to cold weather and the holiday season.
1 comment:
Carrefour faces fines over mainland prices
Agence France-Presse in Shanghai
31 January 2011
Mainland regulators want to fine French retail giant Carrefour 2.5 million yuan (HK$2.95 million), the maximum for overcharging customers, state media reported yesterday.
Municipal regulators fined three Carrefour stores in Shanghai and two in Yunnan province 500,000 yuan (HK$590,000) each on Saturday, Xinhua reported.
However, the final fine will be decided only after a hearing, where regulators said Carrefour representatives would be able to respond to the charges.
In all, 11 Carrefour stores were accused of charging more than the price they displayed on products ranging from cotton underwear and tea leaves to rubber gloves, according to reports. Three Wal-Mart stores also face fines for overcharging.
Carrefour “sincerely apologises” and has offered to refund customers five times the difference between the price charged and that on the label, state media reported last week.
“We will have our special control group conduct internal price inspections, with wide coverage and high frequency,” Carrefour China’s head of public relations Chen Bo was quoted as telling Xinhua.
Regional authorities were ordered to fine the Carrefour and Wal-Mart stores for deceptive pricing practices and confiscate their “illegal income”, the National Development and Reform Commission said on its website. Fines should be five times the amount confiscated, or up to 500,000 yuan if the amount cannot be calculated, the statement said.
The commission also urged authorities to step up price investigations in the lead-up to the Lunar New Year, which falls on Thursday, and punish offenders with fines and licence suspensions.
Retail spending usually soars for the most important holiday of the year as people spend heavily on food and gifts for family and friends.
The crackdown comes as Beijing tries to curb inflation, which stood at 4.6 per cent year on year in December, down from a two-year high of 5.1 per cent in November.
But analysts expect consumer prices to increase at a faster pace this month due to cold weather and the holiday season.
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