KARACHI: The Competition Commission of Pakistan (CCP), a government agency for the enforcement of economic competition laws, said on Monday it would pay cash rewards to people who exposed cartels involved in the manipulation of various markets.
The development comes ahead of the holy month of Ramadan, during which various elements hoard essential items and artificially increase prices at local levels to make unjust profits.
The artificial increase in prices of goods and services in Pakistan, and a lack of quality goods is largely the result of business cartelization in the markets, according to the CCP.
Cartels are formed when suppliers in a market coordinate or enter into agreements to fix prices for goods and services and control the supply which is an illegal practice.
“If any individual is aware that a business association or product suppliers have colluded to fix prices or control supply, he is urged to immediately report such information to the CCP,” the watchdog said.
“Those who provide information and evidence regarding such illegal cartels will be rewarded with amounts ranging from Rs200,000 ($714) to Rs2,000,000 ($7,146). It is important to note that the identity of the informant will remain confidential.”
People can reach the CCP through WhatsApp number 0304-0875255 or its website www.cc.gov.pk to report any cartelization in the country.
“If your information is verified, you will not only receive a reward but also be recognized as a national hero,” it said.
The CCP said the initiative is aimed at promoting public participation in eliminating illegal business practices and the scheme would not only provide a legal avenue but also encourage the public to be part of protecting the country’s economy and their economic rights.
To ensure the provision of better-quality goods and services at fair prices to consumers, it is essential that all suppliers in the market compete with each other by offering better services and products at better prices, rather than colluding to fix prices, according the watchdog.
Engaging in agreements or understandings to control prices or supply of goods and services for unjustifiable profits is a serious crime under the Competition Act 2010.
“The Competition Commission of Pakistan has called for cooperation from the public in general and the concerned stakeholders in particular to take strict action against such illegal business nexus and cartels and to report any such act,” it said.
