CCP starts analyzing papers to determine sugar cartel.

ISLAMABAD, September 16, 2009 (Balochistan Times): The Competition Commission of Pakistan (CCP) has started inspecting and analyzing the records it had obtained during its recent raids on sugar millers offices in the country, particularly in Islamabad and Karachi. The purpose of the investigations is to determine whether the sugar millers were involved in any form of cartel and manipulate prices in the market, sources in the commission told. Although the commission has started working on the papers, however results of the investigation would come after Eid-ul-Fitr, which would determine future course of action for CCP, they revealed. The commission is determined to investigate the issue without accepting any pressure and if the millers were found guilty of the wrongdoing, strong action would be taken against them. The commission recently conducted raids on sugar millers office in Islamabad and Karachi on the basis of a news report that the association had asked its members to release 1.2 million tons of sugar to retire State Banks loans and get loans for the next crushing season. The CCP would also find out from these investigations as to how sugar mills owners determined sugar prices besides taking stock of validity of the statistics regarding sugar reserves as well as the motive behind the creating the crisis. The county is passing through sugar crisis, particularly since the beginning of the holy month of Ramzan and there has been blame-gaming between government officials, millers and traders, holding each other responsible for the crisis.

(THROUGH ASIA PULSE)