Wednesday, August 10, 2022

Competition Commission imposes Rs44 billion fine on sugar mills

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ISLAMABAD: The Competition Commission of Pakistan (CCP) has imposed the biggest ever fine worth on the country’s 81 sugar mills and the association for being involved in anti-competitive practices, ARY News on Friday.

The spokesperson of the Competition Commission of Pakistan (CCP) said that it was the biggest ever fine imposed on the sugar mills. It was learnt that the fine was slapped on Pakistan Sugar Mills Association (PSMA) and 81 sugar mills after scrutinising the production record of the association and 55 mills. The sugar mills have been given a two-month deadline to pay the fine.

A four-member bench of the commission issued its verdict after conducting a thorough investigation. Two offices of PSMA and a sugar mill site were inspected during the probe.

According to the CCP, the sugar mills had decided on their own about the sugar stocks in the country, whereas, the mill received the quota of sugar stocks through illegal means besides changing the sugar prices.

In response to the CCP’s verdict for imposing a fine, the sugar mill association said that the available details did not prove the allegations. The association claimed that it was not a unanimous decision as two members of the CCP’s bench went against the fine.

The PSMA claimed that the CCP chairman has used its power to cast an additional vote.

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