CAIRO: Egypt’s leading carpet maker, Oriental Weavers, denied submitting a settlement proposal to the Egyptian Competition Authority (ECA,) rejecting the latter’s accusations of “monopolistic practices,” the company said Monday.
Earlier in August, Egypt’s competition watchdog referred Oriental Weavers to the public prosecution on accusations of “monopolistic practices,” saying that company had violated the law to enter into exclusive contracts with a number of other distributors.
In a Monday statement to the Egyptian Exchange, the company said it rejected reconciliation with the ECA as it rejects all the filed charges, affirming that “it has not been charged or investigated by general prosecution on charges of monopolistic practices.”
Oriental Weavers, founded in 1979, is one of the world’s biggest machine-woven carpet makers. It is based in Cairo and distributes its products to more than 130 countries.