Islamabad: The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has directed the Competition Commission of Pakistan (CCP) to accelerate its inquiries into cartelization and collusion practices, promising the government’s full support in disciplining markets and fostering competition.
According to Competition Commission of Pakistan, Senator Aurangzeb visited the CCP head office to receive a detailed briefing on the Commission’s performance. During the visit, Chairman CCP, Dr. Kabir Ahmed Sidhu, informed the Minister about ongoing inquiries, significant court cases, and recent initiatives to enhance CCP operations. The briefing was attended by CCP members Mr. Saeed Nawaz, Mr. Salman Amin, and Mr. Abdul Rashid Sheikh, alongside senior management.
The Minister praised the Commission’s efforts but emphasized the need for modern technologies and data analytics to detect illegal market practices. He assured the CCP of the government’s support, including budgetary provisions for digitalization and international benchmarking to strengthen its capabilities. Senator Aurangzeb stated that the government is committed to curbing illegal practices while ensuring due process and avoiding harassment.
Dr. Sidhu reported a backlog of 567 cases with penalties totaling PKR 74 billion. Over the past year, significant progress has been made, recovering PKR 100 million in penalties and resolving 73 cases in courts. Approximately 200 cases are pending in the Supreme Court, 179 in the Competition Appellate Tribunal, and 146 in various high courts. The newly established Market Intelligence Unit has identified over 150 anti-competitive practices using advanced data techniques. Dr. Kabir also presented CCP’s research reports on sectors like insurance, aviation, road construction, and power, which the Minister commended, urging their use for sectoral reforms.
Senator Aurangzeb expressed his support in requesting the Chief Justice of Pakistan to expedite competition-related cases and mentioned approaching the Federal Minister for Law and Justice for the early appointment of the Competition Appellate Tribunal members. He advised the CCP to engage top legal professionals and suggested service legal agreements with agencies like the Federal Investigation Agency for timely forensic examinations.
In conclusion, the Finance Minister acknowledged the CCP’s commendable performance but emphasized the need for continuous improvement to curb market abuse and ensure fair competition.