CCP nails Fauji Fertilizer, Engro Fertilizers with Rs8.6b fine

[Saifullah Sani]

The Competition Commission of Pakistan slapped a record 3.14 Billion Rupees of penalty on Engro for artificially inflating the price of fertilizer, which affected the millions of poor farmers of Pakistan and in-directly creating food inflation for the nation.

Asad Umar was CEO of Engro Corporation for 7 years until 2012 and CCP found that Engro created cartel (Muk Muka) with Fauji Fertilizers in 2010-11 and increased the price up to 86% without any solid reason. Pakistan Army’s Fauji Fertilizer was also slapped with Rs. 5.5 Billion fine for price fixing.
Collusive activities: CCP nails Fauji Fertilizer, Engro Fertilizers with Rs8.6b fine – The Express Tribune

http://pkpolitics.com/blogs.dir/1/files/2013/04/urea_manufacturers_order.pdf

Asad Umar - Wikipedia, the free encyclopedia

Asad Umar of PTI Robbed the Farmers | PKPolitics - Pakistan Politics

 

[Jango]

Looking at the comments and a quick glance on the net over the issue, it seems that it had something to do with non availability of gas.

ANyways I am not familiar with business and industrial technicalities so cant comment on this.

 

[ejaz007]

o patwari aaj ki yeh assignment thi teri... ???

As usual typical stupid one line reply. When you people do not have any argument you reply with idiotic statements. What is the difference between you and a patwari.

By the way what is your assignment today?

Why don't you counter the argument.

 

[Guvera]

My dear paid patwari this sh*t was posted previously and ignored cuz this is all baseless allegations.

 

[ejaz007]

Looking at the comments and a quick glance on the net over the issue, it seems that it had something to do with non availability of gas.

ANyways I am not familiar with business and industrial technicalities so cant comment on this.

Not entirely gas shortage issue. At times competitors do join up and form a cartel and make big money.

 

[hunter_hunted]

Phock all patwaris and their hired guns

 

[truthseeker2010]

Whats wrong in this he was the head of the organization and whatever he did was in the best interest of the company he was working for.... that also shows that if given the chance he will do the same for the country, also it has nothing to do with asad umar himself because all the company board members are involved in decision making.. but some people will just never get this...

 

[IceCold]

Organizations exist to make profits and increase the equity of their shareholders. This is the basic definition of an organization. So Asad being the CEO did what his job demanded of him.
Patwaris need to come up with something better.

 

[Jazzbot]

And how many times prices of Sugar, Wheat and Rice were hiked up in past 5 years?? What this CCP have done for that, nothing.. Mainly because these mills are mostly ran by Sharif's and Chaudhary's etc. Looks like CCP was told to dig up something against Engro so Patwaries can have something to bash Asad Umer, since this man wipes the floor with his patwary opponents on daily basis in his each media appearance. We know all these games since they are very old tricks of these nooras.

 

[AUz]

Jahil, nooner patwariyon ko koi basic microeconomics parha day yar !!!!

Sariiiiiiiiiiiiiiiiiiiiiiiiiiiiii duniya, even U.S, mein aisa hi hota hai...Asad Umar has no fault in it anyways...duh!

 

[AdeelFaheem]

As expected, No solid counter argument from PTIans... Just "Aayen Bayen Shayen"

 

[Adios Amigo]

hahaha....What a Joke.....As an active trader in KSE, I can safely say CCP is no more then a joke..........Cartels are every where in every industry.......CCP cant do rat **** about it....A combine penalty of 8+ billion(smaller players also included).......Solution: simple....STAY ORDER.......................



OK lets be a bit more specific.....Engro the biggest conglomerate in Pakistan......Is without a doubt an achievement of genius like ASAD.......... Reh gayee baat robing ki to bhai.......GOVT failed on its promises to provide it gas.....Specially to its newly built plant EnVen plant....which it built for more then 1.1 billion dollars......Govt also failed to provide the gas on its contractual price of .7$/mmbtu.........As result engro suffered massive losses........And the share which was trading above 200 pkr a few years back fell to the level of 80 Pkr.......Kabarra nikal diya aik aisy company ka which jo apke economy k liye suney k andy denay wali murghi thi............ Any how good news is that the company is recovering back.......

Asad was out of engro much before this CCP scam............Do you know what happened to the market after this news????? Engro ended up closing at upper lock on the terminal the very next day..................

Siyasi shobda bazi awam ko aur phuddu lagao!

 

[AUz]

As expected, No solid counter argument from PTIans... Just "Aayen Bayen Shayen"

Give your "argument" first, dumbo.

If you had studied microeconomics, which you haven't since you're an backward ****** patwari, you'd know that a company's purpose is to maximize profit. Engro was facing troubles because of unavailability of gas..and hence they shifted the cost to consumers...BIG F*CKING DEAL?!!?!?!?! Every.Single.Company. does that...

 

[xyxmt]

The Competition Commission of Pakistan slapped a record 3.14 Billion Rupees of penalty on Engro for artificially inflating the price of fertilizer, which affected the millions of poor farmers of Pakistan and in-directly creating food inflation for the nation.

Asad Umar was CEO of Engro Corporation for 7 years until 2012 and CCP found that Engro created cartel (Muk Muka) with Fauji Fertilizers in 2010-11 and increased the price up to 86% without any solid reason. Pakistan Army’s Fauji Fertilizer was also slapped with Rs. 5.5 Billion fine for price fixing.
Collusive activities: CCP nails Fauji Fertilizer, Engro Fertilizers with Rs8.6b fine – The Express Tribune

http://pkpolitics.com/blogs.dir/1/files/2013/04/urea_manufacturers_order.pdf

Asad Umar - Wikipedia, the free encyclopedia

Asad Umar of PTI Robbed the Farmers | PKPolitics - Pakistan Politics

His brother is in PMLN, he joined PTI....chances are one of these two parties will form the govt so the family will reap the benefits....but ok if you want to hear this than yes he quit his multi-million dollar job to bring a change in Pakistan (wink)

 

[AUz]

hahaha....What a Joke.....As an active trader in KSE, I can safely say CCP is no more then a joke..........Cartels are every where in every industry.......CCP cant do rat **** about it....A combine penalty of 8+ billion(smaller players also included).......Solution: simple....STAY ORDER.......................



OK lets be a bit more specific.....Engro the biggest conglomerate in Pakistan......Is without a doubt an achievement of genius like ASAD.......... Reh gayee baat robing ki to bhai.......GOVT failed on its promises to provide it gas.....Specially to its newly built plant EnVen plant....which it built for more then 1.1 billion dollars......Govt also failed to provide the gas on its contractual price of .7$/mmbtu.........As result engro suffered massive losses........And the share which as trading above 200 pkr a few years back fell to the level of 80 Pkr.......Kabarra nikal diya aik aisy company ka which jo apke economy k liye suney k andy denay wali murghi thi............ Any how good news is that the company is recovering back.......

Asad was out of engro much before this CCP scam............Do you know what happened to the market after this news????? Engro ended up closing at upper lock on the terminal the very next day..................

Siyasi shobda bazi awam ko aur phuddu lagao!

Oh bhai, ye kis ko bata rahay ho? I bet most patwaaris have ZERO idea about how corporates, companies, economy, capitalism , stock market etc etc works...

They are matric fail nasali nokars of shareef family....