Finance
Egg Price Manipulation in the price of eggs, two companies fined Tk 3.5 crore
Own Correspondent, Dhaka, 25 January 2024: The Bangladesh Competition Commission has fined ``Diamond Egg'' Tk 2.5 crore and CP Bangladesh Tk 1 crore for the crime of abnormally increasing the price of eggs in the market through mutual collusion.
On Monday January, Bangladesh Competition Commission has given judgment in two cases. The issue was revealed on Wednesday (January 24). In this regard, Hafizur Rahman, a member of the Competition Commission, said that Diamond Egg was fined Tk 2.5 crore and CP Bangladesh Tk 1 crore for violation of Section 15 of the Competition Act, 2012, as the crime of raising egg prices abnormally in the market through collusion was proved.
Section 15 (1) of the Competition Act states that no person shall enter into any agreement or conspiracy, directly or indirectly, in relation to the manufacture, supply, distribution, warehousing or acquisition of any goods or services, which has an adverse effect on competition or causes proliferation, or creates monopoly or oligopoly conditions in the market.
Section 29 (1) of the Act on appeal provides that, if any person is aggrieved by any order of the Commission under this Act, such person may, within 30 (thirty) days from the receipt of the order, in the form and fee prescribed by the regulations, (a) to the Commission for reconsideration; or (b) may apply to the Government for appeal. Provided that, if a person is aggrieved by any order relating to administrative pecuniary penalty passed by the Commission under section 20, the penalty imposed on him shall— (a) be reconsidered by depositing 10% of the amount with the Commission; or (b) deposit 25% of the money with the government and file an appeal along with the receipt of deposit of penalty.
