The Competition Commission of Pakistan (CCP) has slapped both public and private sector companies with heavy fines. The reason of imposing hefty penalties to companies was their engrossment in deceiving marketing practices in violation of the Competition Act, 2010.
The penalties have been imposed on organizations dealing in agriculture, banking and finance, education and telecom sectors. Such companies are slapped with fines in order to discourage them from business misconducts. In addition, it will help them to maintain transparency in the market.
It is worth mentioning that prior to imposing penalties; CCP had conducted a neutral investigation for upholding transparency in market.
Penalties imposed by CCP
Following are the organizations that were hit with immense fine:
1- Telenor LDI Communications: Rs. 1 million
2- University of Faisalabad: Rs. 5 million
3- University of South Asia: Rs. 5 million
4- Habib Bank Limited: Rs. 25 million
5- Pakistan Banks Association: Rs. 30 million
6- Pakistan Poultry Association (PPA): Rs. 50 million
7- Allied Bank Limited: Rs. 87 million
8- Telecard: Rs. 189 million
9- Al-Abbass Cement: Rs. 374 million
10- Attock Cement: Rs. 562 million
Stance of CCP
While replying to a question, an official of the commission stated that CCP is authorized under the Competition Act, 2010 to ensure fair competition in all circles of commercial and economic activity.
Moreover, he said that CCP is also committed to maintain transparency for boosting economic efficiency. In addition, CCP is entitled to protect consumers from practices that are anti-competitive including deceiving marketing.
The official also affirmed that CCP will continue to work hard to promote healthy and fair competition among all spheres. Furthermore, he made sure that Competition Commission of Pakistan will continue to protect consumers from malpractice activities in the future too.
Do you think this bold step from CCP will help organizations in improving their overall efficiency?
Source: Business Recorder
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
