Lahore: Competition Commission of Pakistan (CCP) issued a penalty worth Rs 44 billion to the Pakistan Sugar Mills Association (PSMA) for fixing sugar prices. This is the highest penalty ever imposed by the CCP.
According to the Pakistani media reports, CCP issued a statement on Friday stating that the investigation conducted by it has revealed that the PSMA has violated the Competition Act 2010 for fixing sugar prices. The PSMA has been asked to pay the penalty within two months.
As per the statement issued by CCP, the sugar mills, under the PSMA, obtained the quota of utility stores and imported sugar through a nexus.
There were differences among the members of the CCP over the issue and two members gave dissenting opinions over the decision whereas the chairman and another member gave their nod to the issue penalty. However, the CCP chairman voted again in favour of the decision over a tie in the votes.
To receive ChiniMandi updates on WhatsApp, please click on the link below.
WhatsApp Group Link