BCC slaps Diamond Egg, CP Bangladesh with Tk3.5Cr fine for market manipulation
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The penalty was imposed after the settlement of two separate cases filed against the two institutions
The Bangladesh Competition Commission (BCC) has fined Diamond Egg and CP Bangladesh Company Ltd, Tk3.5 crore in total for artificially inflating egg prices through collusive practices.
The decision, announced on Monday and published on Wednesday, comes in response to violations of sections "kha," subclause "a" of clause "ka" of section 15(1) of the Competition Act in two distinct cases.
BCC has fined Diamond Egg Limited with Tk2.5 crore and CP Bangladesh Company Ltd with Tk1 crore.
In 2022, a case was filed against ten poultry farms and poultry-related organizations in the country for raising the price of eggs through manipulation in the market.
Among these, the final order came in Case No 39/2022, which is against Diamond Egg Limited and Case No 44/2022, against CP Bangladesh Company Limited.
The penalty was imposed after the settlement of two separate cases filed against the two institutions.
In this regard, Hafizur Rahman, a member of the commission, told the media that it has been proved that the two companies have increased the price of eggs through mutual collusion. That is why punitive measures have been taken against these two institutions under Section 15 of the Competition Act.
However, Hafizur Rahman also said that the two companies can apply for review or appeal regarding this verdict.
Talking to Dhaka Tribune, Md Sohel Rana, legal adviser of CP, said that they will definitely appeal against the verdict.