Cartels
ISLAMABAD: The Chairman of the Competition Commission of Pakistan today informed the caretaker finance minister that the CCP is unable to take action against big cartels as the term of the chairman of the Appellate Tribunal has expired.
CCP Chairman Dr. Kabir Ahmed Sidhu called upon the Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar today.
Chairman Sidhu briefed the Minister on the CCP’s performance so far. He provided an overview of the CCP’s strategic vision, especially focusing on curbing collusive practices of cartels, market abuse, manipulation, and advocacy.
He also apprised the Minister about the status of outstanding penalties within the courts.
The Chairman informed the Minister that the Competition Appellate Tribunal has become dysfunctional since 14 July 2023, due to the expiry of the term of the Chairman Appellate Tribunal.
Due to a lack of quorum, the Tribunal cannot make decisions against cartels. This has left hundreds of cases pending against sugar, automobile, poultry, and cement undertakings. Lack of enforcement will only benefit the cartels and result in higher prices for consumers across the country which will result in higher inflation.
Chairman Sidhu also briefed the Minister on the CCP’s policy recommendations aimed at addressing market distortions and promoting efficiency within the value chain of essential food commodities.
Dr. Shamshad Akhtar assured of the Ministry’s full support to CCP. She said that the Government of Pakistan remains dedicated to fostering fair competition and a level playing field for businesses across sectors.
