CCP imposes Rs 26 billion penalties on violation of competition Act
Chairperson Competition Commission of Pakistan (CCP), Vadiyya Khalil Friday said that CCP had imposed over Rs 26 billion penalties on various undertakings for different violations of the Competition Act, 2010.
Briefing National Assembly Deputy Speaker Murtaza Javed Abbasi on the mandate and performance of CCP in the enforcement of Competition Law, Vadiyya Khalil said these undertakings include companies and trade associations from across sectors of the economy and were involved in anti-competitive practices such as abuse of dominant position, cartelization and deceptive marketing practices, thus harming the consumer interest as well as inflicting huge losses to the national economy. Under the law, the penalties imposed by CCP have to be deposited in the National Exchequer of the Federal Government. The Competition Act is in line with the competition laws of over 150 countries that have implemented the modern competition regimes.
Under the Competition Act, CCP is empowered to take action against abuse of dominant position, cartelization, deceptive marketing practices and approval of mergers of the Act. Moreover, CCP has the power to review the policies of the Government of Pakistan and suggest/recommend changes in the policies where it is required for protecting competition. Furthermore, CCP has also been empowered to strike a balance between enforcement and advocacy through creating awareness of the law.
She briefed the Deputy Speaker on the recent National Road Show on Competition Law held by CCP in 23 cities of the country to create awareness and facilitate the business community in resolution of competition issues.