Friday, March 29, 2024

The Chinese Communist Party imposed a fine of 44 billion rupees on the Pakistan Sugar Mills Association

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Photo: file.
  • The penalty for PSMA is the biggest penalty in the history of the Communist Party of China.
  • Last year, the country experienced a sugar crisis.
  • The SIC report gave some shocking revelations to sugar mills.

The Competition Commission of Pakistan (CCP) imposed a fine of 44 billion rupees on the Pakistan Sugar Mills Association (PSMA) on Friday for violating the 2010 Competition Act.

The penalty for PSMA is the highest penalty in the history of the Communist Party of China.

The CCP issued a statement saying that PSMA has been instructed to pay the fine within two months.

The decision was made against PSMA because it violated the 2010 Competition Law that fixed sugar prices. This was proven in an investigation conducted by CCP. Read the statement.

It reads that sugar factories under the PSMA have obtained quotas for utility stores and imported sugar through associations.

The notice further stated that two CCP members objected to the committee’s decision, while the chairman and another committee member voted to impose penalties on PSMA.

However, the chairman of the Communist Party of China voted again in favor of the decision with the same number of votes.

Last year, the country experienced a sugar crisis that caused sugar prices to skyrocket. The CCP investigated this and issued notices to several sugar factories.

After the Sugar Industry Investigation Committee submitted its report, it asked the CCP to investigate issues related to cartelization and anti-competitive measures in the sugar industry.

PSMA rejects report of investigation committee

On the other hand, PSMA completely rejected the report of the investigation committee, which made it public and explained how the price of sugar was fixed, how the export of goods was forged on the sales tax, and how the owner of the sugar factory charged billions of rupees. . .

PSMA claimed that the committee “distorted the facts” in the report submitted to Prime Minister Imran Khan and the federal government.

SFC report

The SIC report revealed some shocking news that many sugar mill owners received wire transfers to pay for sugar sold to Afghanistan from the United States and the United Arab Emirates, and therefore seemed to be making money while making money.


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