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Pakistan: Finance watchdog warns of multiple cartels

 |  July 3, 2014

Pakistan Finance Minister Ishaq Dar warned lawmakers Wednesday that there are cartels currently running in several industries in the nation, according to reports.

Dar spoke at the National Assembly to answer questions regarding how the government cracks down on anticompetitive behavior, and whether there was legislation in place to enforce anti-cartel actions. Dar issued a letter after the Assembly detailing the existence of cartels in the nation.

Between April 2008 and April 2013, the finance minister said, industries including sugar, telecom, banking, accountancy, shipping, power equipment and more were plagued by carte behavior. The senator explained that while cartels are a civil offence in the nation, the existence of such cartels can only be proven following an investigation by the Competition Commission of Pakistan.

But a former leader of the CCP, who was not named in the report, said the regulator does not have sufficient resources and the backing of legislation to properly fight the anticompetitive behaviors.

Full content: Dawn.com

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