CCP finds evidence of cartelisation in Pakistan 16 December 2020
The Competition Commission of Pakistan (CCP) has finalised an inquiry report that shows evidence of cartelisation by the cement sector, reports Dawn.
The inquiry report was finalised for All Pakistan Cement Manufacturers Association (APCMA) members in the northern region of the country, as the Sindh High Court had restrained the CCP from using material collected from cement companies in the south zone (Sindh).
Cement prices increased by up to INR50/bag in May, June and August 2020, according to a CCP official. The CCP began investigating after cement prices rose while global prices of coal and oil were declining.
CCP finds evidence of cartelisation in cement sector - Newspaper
dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
Cement Cartel Sabotaged Government Efforts to Boost Construction Sector: CCP
propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
Top Story
December 16, 2020
ISLAMABAD: The Competition Commission of Pakistan (CCP) has found “hardcore evidence” against the All Pakistan Cement Manufacturers Association (APCMA) and its Northern Region units involved in cartelization for pocketing an additional Rs40 billion from consumers.
With FIA and PTA’s help, the CCP authenticated its proof through forensic audit that some top officials had established a WhatsApp group with the name of “APCMA Marketing Officials” on November 15 to communicate and decide on fixation of prices in the Northern Region. “The CCP through a detailed inquiry found that the APCMA increased the prices thrice first in May, second in June and third in August 2020 and pocketed Rs 40 billion additional unjustified profits when the global coal prices dropped, oil prices reduced significantly in international and domestic markets and interest rates decreased by 525 basis points from 13.25 per cent to 8 per cent in Pakistan. If this cartelizati