CCP conducts inspection of 2 power sector companies for facilitating a bid-rigging cartel

MG News | March 05, 2020 at 05:17 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

March 05, 2020: The Competition Commission of Pakistan (CCP) today conducted a search & inspection of the premises of two (02) companies based in Lahore and Gujranwala on the suspicion of facilitating a bid-rigging cartel.

The inspection was part of an on-going inquiry being conducted by CCP. From the information available, it appears prima facie that the suppliers of line hardware equipment are coordinating prices and the quantities to be supplied against tenders floated by DISCOs including LESCO, MEPCO & TESCO.

Public procurement constitutes 25% to 30% of GDP and collusive behaviour in the public procurement sector results in substantial losses to the national exchequer.

The CCP, as part of its statutory mandate under the Competition Act, strives to eradicate anti-competitive practices in all sector of the economy.

Press Release

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,571.27 436.67M	1.06% 1878.35
ALLSHR	108,600.94 844.23M	1.00% 1073.54
KSE30	53,548.42 162.02M	0.99% 525.53
KMI30	256,725.70 154.74M	0.76% 1936.43
KMIALLSHR	70,620.69 563.61M	0.98% 683.55
BKTi	48,625.03 36.31M	1.37% 658.39
OGTi	37,179.52 8.29M	0.94% 345.85

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	60,795.00	61,150.00 60,590.00	960.00 1.60%
BRENT CRUDE	72.54	73.51 72.27	-1.20 -1.63%
RICHARDS BAY COAL MONTHLY	115.00	0.00 0.00	0.50 0.44%
ROTTERDAM COAL MONTHLY	126.50	126.50 125.90	0.50 0.40%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	69.32	70.21 69.05	-1.02 -1.45%
SUGAR #11 WORLD	14.01	14.09 13.81	0.06 0.43%