ISLAMABAD  – The Competition Commission of Pakistan(CCP)has imposed a total sum of Rs.8.542 billion penalties on various undertaking and association in last five years out of which recovered only Rs.23 million.

According to sources, CCP has recovered Rs.23 million from Jute mill cartel as penalty recovered and deposited into government exchequer and the remaining amount could not recover so far mainly because of litigation issues.

Source said that since inception, Competition Commission of Pakistan has passed 58 orders, concluded 34 enquiry reports, issued 416 shows cause notices, carried out 14 search and inspections, proceed 396 exemptions, issued13 policy notes and 311 merger Non-Objections Certificates (NOCs).

The Competition Commission of Pakistan was established to provide for free competition in all spheres of economic activity to enhance economic efficiency and to protect consumers from anticompetitive behavior.

According to Competition Commission of Pakistan, it is an independent quasi-regulatory, quasi-judicial body that helps ensures healthy competition between companies for the benefit of the economy.

The Commission prohibits abuse of a dominant position in the market, certain types of anti-competitive agreements, and deceptive market practices. It also reviews mergers of undertakings that could result in a significant lessening of competition. Combined with its advocacy efforts, the Commission seeks to promote voluntary compliance and develop a ‘competition culture’ in the economy.

The Competition Commission of Pakistan was established on 2 October 2007 under the Competition Ordinance, 2007, which was repromulgated in November 2009. Major aim of this Ordinance was to provide for a legal framework to create a business environment based on healthy competition for improving economic efficiency, developing competitiveness and protecting consumers from anti-competitive practices.