The Pakistan Sugar Mills Association (PSMA) was fined Rs 44 billion by the Competition Commission of Pakistan (CCP) for fixing sugar prices.
A statement issued by the CCP on Friday directed the PSMA to pay the fine within two months.
According to the statement, the decision to impose a fine on PMSA was taken for violating the Competitiveness Act 2010 to fix the price of sugar.
The statement said the “violation” was proven during an investigation by the CCP.
It said that under PSMA, sugar mills got quota of utility stores and imported sugar through Nexus.
The notification further said that two members of the CCP disagreed with the decision of the commission while the chairman and another member voted in favor of imposing a fine on the PSMA.
However, the CCP chairman again voted in favor of the tie.
The fine imposed on PSMA is the largest ever imposed by the CCP.
Last year, there was a sugar crisis in the country, which caused sugar prices to skyrocket. The CCP investigated the matter and issued notices to several sugar mills.
Once the Sugar Inquiry Commission submitted its report, the CCP was asked to investigate issues related to cartelization and anti-competitive measures in the sugar industry.
The PSMA rejected the report of the Commission of Inquiry
On the other hand, the PSMA categorically rejected the report of the Commission of Inquiry, which was made public and explained how the price of sugar was fixed, how commodity exports were falsified on sales tax, and sugar mills. How billions of rupees were received from the owners. .
The PSMA alleged that the commission distorted the facts in its report submitted to Prime Minister Imran Khan and the federal government.
What does the SIC report suggest?
The SIC report made some startling revelations that many sugar mill owners were receiving telegraphic transfers from the United States and the United Arab Emirates to pay for sugar sold to Afghanistan, so apparently the money. Whitewash and make dollars at the same time.