News

CCP issues show-cause notices to 84 sugar mills involved in cartelisation

November 10, 2020 06:43 PM


Twitter Share Facebook Share WhatsApp Share

The Competitive Commission of Pakistan (CCP) has issued show-cause notices to 84 sugars mills across the country involved in ‘cartelisation’ of essential commodity that led to sugar price hike in the country, reported 24NewsHD TV channel on Tuesday.

The CCP issued the show-cause notices to 45 sugar mills of Punjab, 33 of Sindh and six sugar mills of Khyper Pakhtunkhwa, the TV channel reported.

“As per the data collected from JDW Sugar Mills and Pakistan Sugar Mills Association (PSMA), the sugar mills have been involved in noncompetitive activities which were not all aligned set by the CCP,” the commission said in a press release.

The CCP said: “Top officials of PSMA were involved in exchanging sensitive information and also involved in setting sugar prices.”

The PSMA mutually increased sugar prices amid the shortage of commodities in the wake of sugar exports. While 15 sugar mills in Punjab started delayed sugarcane crushing and 45 sugar mills exchanged sensitive information using the PSMA platform, the TV channel quoting the CCP reported.

“PSMA used utility stores tenders to divide sugar while 19 sugar mills violated the CCP Act and 20 sugar mills were sent show-cause notices on opening before-time tenders,” the TV channel reported.

It is pertinent to mention that the federal government had earlier ordered relevant departments to launch formal investigations and, where necessary, take penal, corrective and mitigating measures against the ‘sugar cartel’ implicated in the commission’s report.

Special Assistant to Prime Minister on Accountability and Interior Shahzad Akbar had written letters to CCP, Sindh chief secretary, Punjab chief secretary, State Bank of Pakistan (SBP), Federal Investigation Agency (FIA), Securities and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR) to “undertake a comprehensive investigation” into the matter.



Most Read

  1. Public Holiday announced in Lahore tomorrow Public Holiday announced in Lahore tomorrow
  2. Police claim girl seen in sub-inspector’s video was his second wife Police claim girl seen in sub-inspector’s video was his second wife
  3. Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground
  4. Complete results: PML-N sweeps by-elections as PTI-SIC remains empty-handed in Punjab Complete results: PML-N sweeps by-elections as PTI-SIC remains empty-handed in Punjab
  5. Iranian First Lady visits Numl Iranian First Lady visits Numl
  6. Man shoots friend dead in DHA Karachi over personal grudge Man shoots friend dead in DHA Karachi over personal grudge

Opinion

  1. Islamabad becoming the hub of international diplomacy
    Islamabad becoming the hub of international diplomacy

    By Salim Bokhari

  2. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  3. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  4. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  5. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  6. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay