Latest news with #Rs6.35
Express Tribune
24-04-2025
- Business
- Express Tribune
Cement body files appeal against Rs6.35b penalty
Although the current fiscal year has started on a promising note, the domestic despatches in July 2023 were approximately 20% lower than those in June 2023, said the APCMA spokesperson. photo: file Listen to article The All Pakistan Cement Manufacturers Association (APCMA) has filed an appeal with the Competition Appellate Tribunal, seeking the cancellation of Rs6.35 billion penalty imposed by the Competition Commission of Pakistan (CCP) on the APCMA and cement companies in a case pertaining to alleged price fixing and collusion. The tribunal heard the case on Thursday, where Rashid Anwar, the counsel representing the APCMA, presented his arguments and dismissed the allegations. He emphasised that there was a competitive landscape within the cement sector, characterised by differing prices. He described the CCP's decision against cement companies as unjust and pointed out that the commission had also imposed a notable fine on cement firms in 2009, when they were incurring losses. Anwar argued that the CCP did not conduct a proper geographical analysis of the companies and the quota-sharing agreement between the companies had been signed in 2003 for two years only, which expired by the time the commission's decision came. He contended that the CCP did not have reasonable grounds to raid the offices of the APCMA and its member companies. He requested the tribunal to invalidate the CCP decision. The tribunal adjourned the hearing until May 22 following the conclusion of APCMA counsel's arguments. At the next hearing, the counsel representing different cement firms will put forth their arguments. Once they conclude, the CCP's legal representatives will defend the commission's ruling. Earlier, the CCP had found evidence of agreements and collusion concerning the cement price determination and involving the APCMA. Following a comprehensive probe, the CCP slapped a fine of Rs6.35 billion on 20 cement manufacturers and the APCMA.
Express Tribune
19-04-2025
- Business
- Express Tribune
Cement cartel case hearing to resume soon
Listen to article The Competition Appellate Tribunal (CAT) has imposed a penalty of Rs10,000 on cement companies seeking adjournment in the hearing of a 2009 case. CAT has now fixed April 24 for hearing appeals filed by cement manufacturers against a 2009 decision by the Competition Commission of Pakistan (CCP), which imposed a cumulative fine of Rs6.35 billion on 20 cement companies for alleged price fixing and cartelisation. As the tribunal has now become functional following recent appointments, the appeal hearing filed by the cement companies has resumed. However, in a recent hearing, the senior counsel representing several manufacturers remained absent and the tribunal considered it as a deliberate attempt to delay the proceedings. The original CCP order was issued in 2009 after an investigation into suspected collusion in the cement sector revealed that the manufacturers had engaged in cartel-like behaviour by fixing prices and monitoring cement dispatches to control market supply. The evidence included a seven-month record of dispatches recovered from the premises of the All Pakistan Cement Manufacturers Association (APCMA), which pointed towards coordinated activities among the companies. The CCP imposed fines on individual companies ranging from Rs12 million to Rs1.27 billion, including Rs1.27 billion on Lucky Cement and Rs933 million on DG Khan Cement. Others included Maple Leaf Cement Rs586 million, Bestway Cement Rs562 million, Pakistan Cement Rs405 million, Attock Cement Rs374 million, Pioneer Cement Rs366 million, Dewan (merged entity) Rs345 million, Fauji Cement and Cherat Cement Rs266 million each, Askari Cement (Wah) Rs233 million, Askari Cement (Nizampur) Rs187 million, Fecto Cement Rs174 million, Kohat Cement Rs103 million, Al Abbas Rs87 million, Mustehkam Cement Rs74 million, Dandot Cement Rs42 million, Gharibwal Cement Rs39 million, Dadabhoy Cement Rs28 million and Rs12 million on Flying Cement. Following the imposition of these fines, several companies obtained stay orders from courts and some approached the Supreme Court directly. In June 2017, the apex court ruled that the matter should first be adjudicated by CAT, in accordance with the law, which requires the tribunal to decide such cases within six months.
Express Tribune
13-03-2025
- Business
- Express Tribune
RDA blocks bid to 'usurp' prime land
The Rawalpindi Development Authority (RDA) claimed to have thwarted an attempt by a businessman to commercialise high-value government-owned land in the Civil Lines area. The case involves an 18-marla plot owned by RDA, which was allegedly merged into a private residential plot to facilitate the construction of a commercial arcade. The businessman had earlier obtained provisional commercialisation approval, which was later revoked after an inquiry found it violated legal requirements. In July 2024, the RDA's Land Use and Building Control Directorate issued a provisional approval letter allowing the commercialisation of 4 kanals and 5 marlas, which included the disputed 18-marla government land. The businessman had deposited an advance payment of Rs6.35 million out of a total commercialisation fee of Rs1.8 million, with the remainder scheduled for payment in instalments until March 2026. However, RDA Director General Kinza Murtaza later cancelled the provisional approval, seized the advance deposit, and initiated an inquiry, which confirmed illegal encroachment. On March 11, the businessman submitted another request to transfer the 18-marla land in his name, but it was rejected. Speaking to The Express Tribune, the RDA DG emphasised that she would ensure strict monitoring of RDA assets and that the encroached land would soon be reclaimed. The Civil Lines area, considered one of Rawalpindi's most expensive neighbourhoods, also houses several RDA officials' residences.
