The Federal Minister of Finance and Revenues Muhammad Aurangzeb appealed for speeding up the investigation by the Competition Commission of Pakistan (CCP) into the cartelization and collusion cases. The minister iterated government’s commitment to market discipline and competition. During his visit to the CCP head office, he received a briefing on the performance of the Commission from Chairman Dr. Kabir Ahmed Sidhu.
The Minister appreciated the work of the CCP but he stressed modern technologies and data analytics to catch anti-competitive practices before assuring full government funding, including budgetary allocations towards digitalization and application of international benchmarks.
The Minister learned from Dr. Sidhu that there are now over 567 cases of a total fine of PKR 74 billion behind the pendency list. Last year, the CCP collected penalties worth PKR 100 million in fines and handled 73 cases. With the help of advanced data analysis, the MIU found over 150 incidences of anti-competitive practices.
Also Read: PKR Closes in Green for Second Day Against US Dollar
The Minister appreciated the CCP’s research on market competitiveness in various sectors and requested government departments to use these findings for reforms. He would also seek the Chief Justice’s intervention to speed up competition-related cases and lend support for filling the members of the Competition Appellate Tribunal.
The Minister advised the CCP to hire top legal minds for its cases and suggested SLAs with agencies like the FIA for timely forensic examinations. He concluded by commending the CCP’s performance and emphasized the need to continue improvement to curb market abuse.