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Carrefour, Wal-Mart face hefty fine for fraud
By Jin Jing |
January 26, 2011, Wednesday
|
Online Edition
Online Edition
GLOBAL chain retailer Carrefour as well as Wal-Mart are among vendors in China who may face a maximum fine of 500,000 yuan (US$75,188) for alleged price frauds, China's top economic planner said today.
The National Development and Reform Commission said investigations had found some Carrefour and Wal-Mart outlets in China fabricated original prices of goods on sale and lured customers into buying falsely discounted products.
The two retail giants are also accused for using misleading price tags and failing to comply with their pricing commitments, according to a statement on the commission's website today.
Their cheating practices were discovered during a pricing scrutiny in China's major cities after authorities received consumer complains.
Price frauds were found in Carrefour and Wal-Mart's stores in Changchun, Shanghai, Shenyang and Kunming, covering a wide range of products from garments to home appliances and food.
The commission has asked its local departments to confiscate all the illegal income and fine the stores five times of their illegal revenue to a maximum penalty of 5 million yuan (US$751,880).
The National Development and Reform Commission said investigations had found some Carrefour and Wal-Mart outlets in China fabricated original prices of goods on sale and lured customers into buying falsely discounted products.
The two retail giants are also accused for using misleading price tags and failing to comply with their pricing commitments, according to a statement on the commission's website today.
Their cheating practices were discovered during a pricing scrutiny in China's major cities after authorities received consumer complains.
Price frauds were found in Carrefour and Wal-Mart's stores in Changchun, Shanghai, Shenyang and Kunming, covering a wide range of products from garments to home appliances and food.
The commission has asked its local departments to confiscate all the illegal income and fine the stores five times of their illegal revenue to a maximum penalty of 5 million yuan (US$751,880).
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