Papers signed off by Cabinet in August show the penalties for businesses that do not comply with new wholesale regulations. Penalties will depend on the type of non-compliance and could be capped.
‘Failure to comply with non-discriminatory supply obligations’ could see individuals fined up to $500,000 and entities up to $10 million. Entities could also be fined three times the value of the gain from the breach or ten percent of its annual turnover for every year the contravention occurred.
Daily penalties have been agreed upon for supermarkets that fail to follow instructions, ranging from $30,000 to $100,000.
The penalty proposal is similar to the one already outlined in the Commerce Act.
