ISLAMABAD
\nThe Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has directed the Competition Commission of Pakistan (CCP) to expedite its inquiries and investigations into cartelization and collusion practices. The Minister assured CCP of government\u2019s complete support and resolve to discipline markets, promote best practices and foster competition.
\nThe Federal Minister visited the CCP head office today to receive a comprehensive briefing on the Commission\u2019s performance. Chairman CCP, Dr. Kabir Ahmed Sidhu, briefed the Minister on ongoing inquiries, provided details of significant cases pending in courts, and outlined recent initiatives to strengthen the CCP.
\nThe briefing was attended by CCP members Mr. Saeed Nawaz, Mr. Salman Amin and, Mr. Abdul Rashid Sheikh, along with senior management.
\nSenator Aurangzeb expressed his appreciation for the Commission\u2019s efforts but stressed the importance of adopting modern technologies and data analytics, to monitor and detect cartelization and collusion. He assured CCP of the government\u2019s full support, including budgetary provisions to digitalize the Commission\u2019s operations and implement international benchmarking practices to strengthen its capabilities. \u201cThe government is determined to discipline the markets and stop illegal practices at any cost. The Commission has the full backing of the government, and we expect the ongoing inquiries to be completed swiftly. However, it is crucial that the due process is followed, and there is no harassment,\u201d the Minister stated.
\nDr. Sidhu apprised the Minister that there was a backlog of 567 cases involving penalties worth PKR 74 billion. Over the past year, the Commission has made significant progress by recovering PKR 100 million in penalties and resolving 73 cases in courts. He also provided details of the number of pending cases, with around 200 in the Supreme Court, 179 in the Competition Appellate Tribunal, and 146 in various high courts. A key development was the establishment of the Market Intelligence Unit (MIU), which has already identified over 150 instances of anti-competitive practices by using advanced data collection and analysis techniques. Dr. Kabir also highlighted CCP\u2019s research reports on market competitiveness in sectors such as insurance, aviation, road construction, and power.
\nThe Minister commended the reports, urging government departments to leverage CCP\u2019s findings to drive sectoral reforms.
\nSenator Aurangzeb also assured Dr. Kabir Sidhu of his support in requesting the Chief Justice of Pakistan to help expedite the resolution of competition-related cases. He also mentioned that he would approach the Federal Minister for Law and Justice for the early appointment of the Chairman and members for the Competition Appellate Tribunal (CAT). The Minister further advised the CCP to engage the best legal professionals to pursue its cases and suggested establishing service legal agreements (SLAs) with agencies like the Federal Investigation Agency (FIA) to ensure the timely forensic examination of evidence collected during raids.
\n\u201cThe performance of the Competition Commission has been commendable, but there is always room for improvement. The goal is to make CCP more effective in its mission to curb market abuse and ensure fair competition,\u201d the Finance Minister concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has directed the Competition Commission of Pakistan (CCP) to expedite its inquiries and investigations into cartelization and collusion practices. The Minister assured CCP of government\u2019s complete support and resolve to discipline markets, promote best practices and foster competition. The Federal Minister visited the CCP […]<\/p>\n","protected":false},"author":2,"featured_media":447277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-447262","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n