09-28-2010, 02:51 PM
KARACHI: The cartels may be shaking in their shoes, but the authors and main proponents of the Competition Bill consider its passage by the National Assembly on Thursday, as a huge success.
Chairperson of Competition Commission of Pakistan (CCP) Rahat Kaunain Hassan termed it a “major initiative towards competitive and fair economy.”
Khalid Mirza, the founder and former chairman of the cartel-busting Commission was celebrating the victory. He said that the efforts made by him and his colleagues had borne fruit. “Government must arrange early assent of the Bill by the President so that the Commission becomes functional,” he said. In office, until July 26, Mirza considered the seeking of earlier approval by the Senate as the biggest hurdle, which was successfully crossed during his term. The Senate had passed the Bill on May 5 and the National Assembly was to put it on the table for consideration on Aug 8, but the session was postponed due to floods. As a result, the Bill expired on Aug 16. “In a way the Commission was also among the flood victims,” said the former flamboyant chairman. He lamented that until the bill is signed and sealed by the President, the country remains without an anti-trust law that could prevent deceptive market practices, cartel activities and abuse of dominance.
During his tenure, Khalid Mirza had hit left and right, taking cudgel against cartels in almost all sectors: Cement, sugar, LPG, Poultry, Stock Exchange and so on.
“You name them and he had them,” said one past colleague of Mirza.
The former chairman slapped huge fines on groups involved in abuse of market dominance, though receiving small amount of money, for most of the accused went into appeals, before the High Court. The CCP along with all regulators have been barred from directly receiving the fines and the Finance Bill 2010-11 provides that all such sums of money would go to the national kitty.
Many thought that the move may have deprived the Commission of the cash that it could leisurely spend. But Mirza argued that money matters were not the problem for the cartels, but the naming and shaming, which he was successfully able to do.
CCP Press release
Ms Rahat Kaunain Hassan, chairperson CCP observed that the passage of the Competition Bill was a major legislative initiative towards the realisation of a competitive and fair economy.
“The fact that the Competition Bill has been passed with the unanimous vote is a testament to the strength of the democratic process,” she was quoted to have said.
Ms Rahat expressed appreciation and gratitude to the government for extending its support to this due piece of legislation, which, she believed, would make the country’s economy more equitable and transparent.
“The Competition Bill passed today is designed to promote a competitive and fair economic playground for the entire corporate sector, while securing economic efficiency and protecting consumers from anti-competitive attitudes and practices,” said the CCP chairperson.
She observed that the milestone could not have been achieved without the dedication and support of various actors, including the media and the CCP team.
Ms Rahat assured all stakeholders in the corporate sector and the consumers that following the ceremonial assent of the President to the Competition Bill when it would become an Act of Parliament, the Commission would strive to promote and create a vibrant and equitable economic playground, with an emphasis on transparency and fair-play.
Chairperson of Competition Commission of Pakistan (CCP) Rahat Kaunain Hassan termed it a “major initiative towards competitive and fair economy.”
Khalid Mirza, the founder and former chairman of the cartel-busting Commission was celebrating the victory. He said that the efforts made by him and his colleagues had borne fruit. “Government must arrange early assent of the Bill by the President so that the Commission becomes functional,” he said. In office, until July 26, Mirza considered the seeking of earlier approval by the Senate as the biggest hurdle, which was successfully crossed during his term. The Senate had passed the Bill on May 5 and the National Assembly was to put it on the table for consideration on Aug 8, but the session was postponed due to floods. As a result, the Bill expired on Aug 16. “In a way the Commission was also among the flood victims,” said the former flamboyant chairman. He lamented that until the bill is signed and sealed by the President, the country remains without an anti-trust law that could prevent deceptive market practices, cartel activities and abuse of dominance.
During his tenure, Khalid Mirza had hit left and right, taking cudgel against cartels in almost all sectors: Cement, sugar, LPG, Poultry, Stock Exchange and so on.
“You name them and he had them,” said one past colleague of Mirza.
The former chairman slapped huge fines on groups involved in abuse of market dominance, though receiving small amount of money, for most of the accused went into appeals, before the High Court. The CCP along with all regulators have been barred from directly receiving the fines and the Finance Bill 2010-11 provides that all such sums of money would go to the national kitty.
Many thought that the move may have deprived the Commission of the cash that it could leisurely spend. But Mirza argued that money matters were not the problem for the cartels, but the naming and shaming, which he was successfully able to do.
CCP Press release
Ms Rahat Kaunain Hassan, chairperson CCP observed that the passage of the Competition Bill was a major legislative initiative towards the realisation of a competitive and fair economy.
“The fact that the Competition Bill has been passed with the unanimous vote is a testament to the strength of the democratic process,” she was quoted to have said.
Ms Rahat expressed appreciation and gratitude to the government for extending its support to this due piece of legislation, which, she believed, would make the country’s economy more equitable and transparent.
“The Competition Bill passed today is designed to promote a competitive and fair economic playground for the entire corporate sector, while securing economic efficiency and protecting consumers from anti-competitive attitudes and practices,” said the CCP chairperson.
She observed that the milestone could not have been achieved without the dedication and support of various actors, including the media and the CCP team.
Ms Rahat assured all stakeholders in the corporate sector and the consumers that following the ceremonial assent of the President to the Competition Bill when it would become an Act of Parliament, the Commission would strive to promote and create a vibrant and equitable economic playground, with an emphasis on transparency and fair-play.