CCP charges Rs26.846bn fine on different public, private sectors in last 10 years

ISLAMABAD: The Competition Commission of Pakistan (CCP) has charged Rs 26.846 billion fine on different sectors including banking and finance, oil and gas, healthcare, cement, ports and shipping, poultry, telecom, fertiliser, automobile and services in last ten years by 2017.

The CCP has also imposed Rs 87.292 million penalties on different private and public sector organisations during July-September, 2017 for involving in deceptive marketing practices under Section 10 of the Competition Act, 2010, a senior official of CCP told APP here on Wednesday.

These penalties were imposed on different sectors in violation of Competition Act, 2010.

According to breakup of figures, CCP imposed penalty of Rs 6.402 million, Rs 975 million, Rs 468.68 million, Rs 450 million, Rs 211 million, Rs 150 million and Rs 140 million on banking and finance, oil and gas, healthcare, port and shipping, poultry and automobile, respectively, he said. Similarly, in service sector, the CCP recovered Rs 6.063 million, Rs 8.641 million, Rs 106.042 million, Rs 56.400 million and Rs 30 million, and Rs 27 million in terms of penalties from Pakistan Fast Manufacturing Consumers Goods (FMCG), securities, insurance and education to stop the mal-business practices and maintain transparency for competitive market, he added.

Article continues after this advertisement

Highlighting year-on-year fine levied by the commission, he informed that during years 2008-16, penalties of Rs 87.292 million, Rs 302 million, Rs 143.250 million, Rs 17.733 million, Rs 1.224 million, Rs 86 million, Rs 275 million, Rs 6.786 million and Rs 206 million were imposed, respectively. However, no penalties were imposed during the year 2014. The CCP had conducted an impartial investigation for maintaining transparency and competition in the market for evolving accountability mechanism.

Replying to a question, he said that CCP is mandated under the Competition Act, 2010 to ensure fair competition in all spheres of commercial and economic activity.

He said that CCP is committed to maintain transparency for enhancing economic efficiency and to protect consumers from anti-competitive practices including deceptive marketing.

The official said CCP continuously strives in promoting a healthy competition in all spheres of commercial and economic activity and to protect consumers from anti-competitive behaviour.

- Advertisement -
- Advertisement -

Must Read

ARY vs. Daraz; Which 2021 ICC Men’s T20 World Cup sponsorship...

Having paid GroupM Pakistan roughly $1.5 million for the digital streaming rights of the 2021 ICC Men's T20 World Cup, Alibaba-owned Daraz stands to earn $2 million from sponsorships alone and has floated a relatively superior proposal