The Competition Commission of Pakistan (CCP) has imposed penalties on various different private and public sector companies for indulging in deceptive marketing practices in violation of the Competition Act, 2010.
The CCP imposed penalties on organizations dealing in banking and finance, telecom, agriculture and education sectors in order to deter them from business malpractices and maintain transparency in the market.
Prior to imposing fines, the Competition Commission of Pakistan (CCP) had conducted a neutral inquiry for maintaining transparency in market.
Fines imposed by CCP
- Pakistan Banks Association: Rs. 30 million
- Habib Bank Limited: Rs.25 million
- Allied Bank Limited: Rs .87 million
- Al- Abbass Cement: Rs. 374 Million
- Attock Cement: Rs. 562 million
- Pakistan Poultry Association (PPA): Lucky Cement: Rs.50 million
- University of Faisalabad: Rs. 5 million
- University of South Asia: Rs. 5 million,
- Telecard: Rs. 189 million
Replying to a question, an official from the commission said that the CCP is mandated under the Competition Act, 2010 to ensure fair competition in all spheres of commercial and economic activity.
He said that CCP is committed to maintain transparency for enhancing economic efficiency and to protect consumers from anti- competitive practices including deceptive marketing.
He said the CCP continues to work towards promoting a healthy competition in all spheres of commercial and economic activity and to protect consumers from anti-competitive behavior.
Via Associated Press of Pakistan