ISLAMABAD: The Competition Commission of Pakistan (CCP) has recovered Rs69 million penalties from businesses/undertakings involved in cartel-like behaviour and anti-competitive practices. This marks a crucial step towards fostering fair competition and safeguarding consumer interests.
According to sources, Rs69 million recovery represents a notable 25% of the total penalties collected by the CCP since its inception in 2007, with a cumulative recovery of Rs269 million across several key industries. These sectors include sugar, cement, cooking oil, ghee, poultry, automobiles (including tractors), paint, lubricants, real estate, steel, FMCGs, milk, food and beverages, electronic goods, glass, and e-commerce.
Since the appointment of Dr Kabir Sidhu in July 2023, the CCP has accelerated its efforts, clearing longstanding backlogs by fast-tracking hearings in the Competition Appellate Tribunal (CAT) and making early hearing applications various High Courts across the country.
To date, 26 cases have been dismissed by CAT, while Lahore and Islamabad High Courts have resolved several additional cases, lending crucial judicial support to the Commission’s crackdown.
The increased pace of case resolution has been a game-changer. These recoveries are not just numbers they reflect the CCP’s stronger resolve to enforce competition law and uphold fair market practices. By holding businesses accountable for anti-competitive actions, the CCP is sending a clear message that unfair market manipulation will no longer go unchecked.
The CCP has recently restructured its legal team and recruited experienced lawyers in CCP’s in-house team to enhance its enforcement capabilities and address the backlog of cases pending in courts. This strategic initiative aims to overcome delays that have hampered swift regulatory action.
By improving the efficiency of its legal department, the CCP has accelerated case resolutions, ensuring timely justice and minimizing enforcement delays, thereby strengthening the application of competition law.
With this momentum, the CCP is well on its way to fostering a more competitive and transparent economy, promising long-term benefits for both businesses and consumers alike, sources added.
Copyright Business Recorder, 2024