Sugar cartelization case: CCP to complete the first round of hearings by next week

By Muhammad YaseenPublished On 06 Jan 2023

ISLAMABAD: The Competition Commission has started hearings against the nexus between the country s 84 sugar mills and the first round of hearings will be completed by the next week.

According to a statement issued by the Competition Commission of Pakistan, the CCP will complete the first round of hearings in the sugar cartelization case by next week.

According to the CCP inquiry report, Pakistan Sugar Mills Association (PSMA) and 84 sugar mills decided to collectively export sugar in violation of the Competition Act and thus determine the quantity of sugar supplied to Pakistan.

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Similarly, by reducing sugar stocks through exports, the sugar mills violated the Competition Act and collectively maintained the rise in sugar prices in the country.

It was also found that in the 2019-20 crushing season, 15 sugar mills in Punjab under the auspices of PSMA collectively decided to delay the crushing of sugarcane, due to which the supply in the market decreased.

The sugar mills used PSMA’s platform in Punjab Zone to share sensitive commercial stock information having a direct bearing on current and future prices sugar.

The PSMA’s platform was also used by the sugar mills to divide the quantity of sugar amongst themselves to be supplied to Utility Store Corporation on two tenders issued on different occasions.