The Bangladesh Competition Commission has filed 44 cases against 36 individuals and organisations, including Pran, Square, ACI, Akij, City, Meghna, Bashundhara, and S Alam groups accusing them of creating an artificial crisis in the market.
Although the cases were lodged last Thursday, the commission released the full list of the accused businessmen and companies yesterday.
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Abdus Sabur, secretary of the commission, said that the cases were filed on various charges under Section 15 of the Competition Act, 2012.
The Section 15 states that no person shall, directly or indirectly, enter into any agreement or collusion -- in respect of production, supply, distribution, storage or acquisition of any goods or services -- which causes or is likely to cause an adverse effect on competition or creates monopoly or oligopoly in the market.
Biswajit Saha, director for corporate and regulatory affairs at City Group, said the commission is issuing the notice to the companies about the cases filed. "Since there is a case, we have to deal with the matter legally."
Kamruzzaman Kamal, director for marketing at Pran-RFL Group, said they did not know anything about the case yet.
He, however, said due to the increase in the cost of raw materials, the prices of some products have to be increased.
"The price of any product has not been increased to make excessive profits. Rather, the price was increased to survive in the market."
The hearing process began yesterday with the case filed against Kazi Farms Ltd.
The commission asked the company to submit data before it regarding the period of operation of the chicken business, the quantity of chicken produced and supplied to the market from July 22 to September 22, the production cost and selling price, the company's market share, and the rationale for the unusual price increase.
Over the past several months, the market has seen an unusual rise in the prices of rice, oil, flour, eggs, chicken, soap, detergent and toothpaste, sending the cost of living higher.
To bring back stability to the market, the Directorate of National Consumers Right Protection held meetings with the manufacturers and marketers, in addition to conducting regular drives.