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Wal-Mart fined for price fixing

01-Oct-2012

The Xinhua news service reports that a  Wal-Mart store in Central China’s Hubei province was fined 100,000 yuan ($15,870) for a discount hoax by the local price watchdog last week.

The store at Xudong Avenue in Wuhan, the capital of Hubei, sold a new product from Blue Moon liquid soap at a self-claimed discount price of 48.8 yuan in May. The price was 1.2 yuan higher than before the promotion, Zhang Jianmin, vice-head of the Hubei Provincial Bureau of Commodity Price, was reported as saying.

When the promotion price is higher than the traceable lowest price of the period of seven days before the campaign, it is a price fraud,” he added.

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