Saturday, July 2, 2011

Engro Vopak fined by Competition commission

The Competition Commission of Pakistan (CCP) on Friday imposed a penalty of ten million on Engro Vopak Terminal Limited (EVTL) for its failure to seek exemption for prohibited agreement with PQA.
A bench comprising Chairman of CCP Rahat Kaunain Hassan, Member, Vadiyya Khalil and Member, Dr Joseph Wilson passed an order in respect of the proceedings initiated against Engro Vopak and Port Qasim Authority for entering into a prohibited agreement in violation of Section 4 of the Competition Act 2010, whereby a penalty of Rs one crore has been levied on EVTL for its failure to get exemption under Section 5 of the said Act, CCP said in the order.

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