The regulator Competition Authority of Kenya on Tuesday announced the fine, a record high in the East African nation, saying MAF Kenya was guilty of offering two local suppliers unfavourable terms.
"Majid Al Futtaim has full confidence in the fairness and integrity of our business practices and is appealing the Competition Authority’s decision," the company said in a statement.
In arriving at its decision, the authority had ignored the fact that the two local suppliers had already withdrawn their complaint and signed new contracts with the retailer, MAF said in the statement.
($1 = 154.0000 Kenyan shillings)
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