What is price speculation?
Speculation is generated when there is shortage. The person who falls into this crime buys low and sells high. That is to say, first hoard and then resell.
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He Congress of the republic insistently approved the law that sanction hoarding, speculation and adulteration of products and services during the state of emergency with 121 votes in favor, 5 abstentions and 0 votes against.
The replacement text of the bill, which would modify the Penal Code and the Consumer Protection and Defense Code, was initially approved on June 5 with 94 votes in favor, 0 against and 33 abstentions.
However, in early July the Executive power decided to observe the project and not promulgate the standard stating that violated the principles that govern the classification of illegal conduct.
According to government, there is no empirical or real evidence to show that the Law for the Repression of Anticompetitive Conduct and the administrative measures that protect the free market have failed.
In the debate, legislators insisted that, given the current crisis scenario, many companies had taken advantage of the high demand of certain basic products and services to excessively increase their prices.
What will be penalized?
With this law the hoarding and the speculation of essential goods and services during an emergency. Depending on the type of fault the penalty will be between two and eight years in prison andIt will be sanctioned with between 180 and 365 days of disqualification and a fine.
The document establishes that those who provoke shortage or shortage of essential goods and / or services to alter their prices, they could receive between four and six years in prison and a 365-day fine.
If a company takes advantage of its market position to restrict or distort the free competition You could be sentenced to between two and six years in prison.
The alteration of prices of essential goods for the life or health of the people may be punished with jail of at least two years and no more than six.
In case the fault occurs during a state of emergency, the jail term will be up to eight years.
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