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Unilever fined 2 million yuan for triggering panic buying
By Feng Jianmin |
May 6, 2011, Friday
|
Online Edition
Online Edition
Personal care giant Unilever has been fined 2 million yuan (US$307,692) in China for "seriously distorting market order" via talking about potential price rises with media, China's top planning agency said today.
The National Development and Reform Commission said that the company's comments about increasing prices in March had "intensified inflationary expectations among consumers", according to a statement on its website today.
Managers from the company have been telling media since March 21 that "prices of personal care products have entered an upward cycle" and the comments had caused panic buying of personal and household care products in a variety of cities, the statement said.
The commission accused the company's behavior of "seriously" violating the price law in China, and decided to impose a fine of 2 million yuan after taking into consideration that the company postponed its price hike plans in early April.
Unilever said it would release an announcement this afternoon in response to the fine.
Personal care producers such as Unilever, Procter & Gamble, Zhejiang-based Nice, and Guangdong-based Liby informed retailers to increase prices by 5 to 15 percent in late March. But plans were suspended after the National Development and Reform Commission talked with companies to stabilize prices under heavy pressure of inflation.
The National Development and Reform Commission said that the company's comments about increasing prices in March had "intensified inflationary expectations among consumers", according to a statement on its website today.
Managers from the company have been telling media since March 21 that "prices of personal care products have entered an upward cycle" and the comments had caused panic buying of personal and household care products in a variety of cities, the statement said.
The commission accused the company's behavior of "seriously" violating the price law in China, and decided to impose a fine of 2 million yuan after taking into consideration that the company postponed its price hike plans in early April.
Unilever said it would release an announcement this afternoon in response to the fine.
Personal care producers such as Unilever, Procter & Gamble, Zhejiang-based Nice, and Guangdong-based Liby informed retailers to increase prices by 5 to 15 percent in late March. But plans were suspended after the National Development and Reform Commission talked with companies to stabilize prices under heavy pressure of inflation.
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