Latest news with #CompetitionAct
Business Recorder
a day ago
- Business
- Business Recorder
CCP warns consumers against bogus housing schemes
ISLAMABAD: The Competition Commission of Pakistan (CCP) has warned consumers that bogus housing schemes and deceptive marketing practices continue to harm growth in real estate sector. According to an order issued by the CCP against a housing society of Islamabad, the importance of responsible and accurate advertising in relation to real estate should not, in any circumstance, be undermined. The real estate market plays a vital role in the development of any country's economy as numbers of other associated sectors have close links with this sector. At the same time, the degree of regulation remains inadequate to the extent that bogus housing schemes and deceptive marketing practices continue to harm growth in this sector, ultimately causing a loss to the overall sustainability of Pakistan's economy. The Commission, at the outset, also bears in mind the specific circumstances of consumers that often fall victim to misleading claims in relation to real estate investments they may make. For the majority of the population in this country, it almost takes a lifetime of savings or obtaining credit or loans from banks to make an investment such as the acquisition of a plot to secure a more stable future. Such a transactional decision is a much more complicated and difficult one as compared to buying everyday household product from a supermarket. 'Therefore, we cannot stress enough, the higher burden placed on undertakings which operate in the real estate market, in relation to the accuracy of any claims or representations that they make in the course of their marketing campaigns, CCP order maintained.' In this case, the CCP Bench considered the seriousness of the infringement, particularly the nature of the deceptive marketing practices, effect on competitors and third parties, and Respondent's refusal to cooperate with the Commission for carrying out its investigations. The advertisement was disseminated widely through digital and print media. Accordingly, there is dire need to deter the Respondent and other such undertakings from committing such deceptive marketing practices in future in order to protect the market integrity and consumers' interests. The quantum of the penalty has been determined after taking into account all the relevant factors as enumerated in CCP, Fining Guidelines. Deceptive marketing and dissemination of false and misleading information appears to be the business strategy of housing scheme being advertised as another scheme of Islamabad as it started immediately after its incorporation and well before the promulgation of the PHATA Affordable Private Housing Scheme Rules 2020. Therefore, the CCP Bench hereby imposes a penalty of Rs 75,000,000/- (Seventy Five Million Rupees) upon the Respondent for violation of Section 10(2) (b) of the Act. The Bench also imposes a penalty of Rs 75,000,000/- (Seventy Five Million Rupees) upon the Respondent for violation of Section 10(2)(a) of the Competition Act. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
Misleading advertisements: CCP imposes Rs150m penalty on housing society
ISLAMABAD: In a significant move to curb deceptive marketing practices, the Competition Commission of Pakistan (CCP) has imposed a penalty of Rs150 million on Kingdom Valley (Pvt) Limited for misleading advertisements concerning its housing project. Acting on a suo motu notice, CCP's Office of Fair Trade initiated an investigation and found that the company: 1- Falsely advertised its project as 'Kingdom Valley Islamabad', despite it being located in Mouza Choora, Tehsil & District Rawalpindi; 2- Misrepresented affiliations with the Naya Pakistan Housing Program (NPHP) and Naya Pakistan Housing and Development Authority (NAPHDA); 3- Publicized the project as 'NOC Approved' without accurate or complete disclosure regarding its approval status. The Commission bench, comprising Saeed Ahmed Nawaz and Abdul Rashid Sheikh, concluded that the company had violated Sections 10(2)(a) and 10(2)(b) of the Competition Act, 2010, which prohibit dissemination of false or misleading information to consumers. Consequently, Rs75 million was levied for each violation, amounting to a total fine of Rs150 million. In addition, the Commission noted serious non-compliance, including the company's failure to submit audited financial statements and non-compliance with CCP's directives. The company has also not filed financials with the SECP for several years, raising concerns about its governance and transparency. The CCP reiterates its commitment to protecting consumers from deceptive marketing practices and ensuring fair competition in the housing and real estate sector. Consumers and stakeholders are encouraged to report deceptive advertisements or anti-competitive behaviour to CCP via WhatsApp at 0304-0875255 or email at [email protected]. Copyright Business Recorder, 2025
Hamilton Spectator
6 days ago
- Business
- Hamilton Spectator
Definity signs deal to buy Travelers' Canadian operations for $3.3 billion
WATERLOO - Definity Financial Corp. says it will acquire most of the Canadian operations of U.S. insurance firm Travelers for $3.3 billion. Definity says the deal will make it the fourth largest property and casualty insurer in Canada. The agreement will give the Waterloo, Ont.-based firm an additional $1.6 billion in annual gross written premiums. It will add about $1 billion in annual premiums to its personal lines segment and roughly $600 million to its commercial lines business. Definity says the deal excludes Travelers' Canadian surety business. The transaction is subject to approval from the minister of finance and needs clearance under the Competition Act but is expected to close in the first quarter of 2026. This report by The Canadian Press was first published May 28, 2025.
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
Definity signs deal to buy Travelers' Canadian operations for $3.3 billion
WATERLOO – Definity Financial Corp. says it will acquire most of the Canadian operations of U.S. insurance firm Travelers for $3.3 billion. Definity says the deal will make it the fourth largest property and casualty insurer in Canada. The agreement will give the Waterloo, Ont.-based firm an additional $1.6 billion in annual gross written premiums. It will add about $1 billion in annual premiums to its personal lines segment and roughly $600 million to its commercial lines business. Definity says the deal excludes Travelers' Canadian surety business. The transaction is subject to approval from the minister of finance and needs clearance under the Competition Act but is expected to close in the first quarter of 2026. This report by The Canadian Press was first published May 28, 2025.
Yahoo
6 days ago
- Business
- Yahoo
Definity signs deal to buy Travelers' Canadian operations for $3.3 billion
WATERLOO — Definity Financial Corp. says it will acquire most of the Canadian operations of U.S. insurance firm Travelers for $3.3 billion. Definity says the deal will make it the fourth largest property and casualty insurer in Canada. The agreement will give the Waterloo, Ont.-based firm an additional $1.6 billion in annual gross written premiums. It will add about $1 billion in annual premiums to its personal lines segment and roughly $600 million to its commercial lines business. Definity says the deal excludes Travelers' Canadian surety business. The transaction is subject to approval from the minister of finance and needs clearance under the Competition Act but is expected to close in the first quarter of 2026. This report by The Canadian Press was first published May 28, 2025. The Canadian Press
