The Competition Committee has fined the Texnomart retail chain for violating advertising regulations, according to a statement from the agency.
Regulatory officials noticed advertising posts on the retailer's Telegram channel featuring the tagline "The Best Offer." These posts promoted the purchase of the Vivo Y03 smartphone in installments for 213,167 sums per month, and the Honor X7b for 274,167 sums.
Upon comparing prices for these models with other sellers, the Committee found that the installment prices at Texnomart were significantly higher. The advertising claims using the term "best" lack substantiation, the agency noted.
A case was initiated against the chain for violating the laws on "Advertising" and "Consumer Rights Protection." A special commission of the Committee decided to impose a financial penalty on Texnomart and ordered the company to rectify the violations and prevent future occurrences.
The day before, the Committee announced a fine imposed on the Business Development Bank. The reason was advertising loans without specifying several additional conditions, including exact rates and repayment terms.
Previously, Spot reported that over the past year, the Competition Committee received more than 500 complaints against training centers.