Paramount Holdings Limited has been ordered to refund K6,160,000 to a complainant for selling defective fertilizer, following a crackdown by the Competition and Fair Trading Commission (CFTC) on unfair trading practices and anti-competitive behavior.
The penalty is part of K6.5 million in total refunds the Commission has directed various companies to pay to affected consumers.
The CFTC adjudicated 49 cases, closing 26 at the preliminary stage due to lack of merit or early resolution. Three companies, including Paramount Holdings, were slapped with fines calculated as a percentage of their annual revenue, in accordance with the Competition and Fair Trading Act (CFTA).
Additionally, the Commission has recommended the authorization of 12 mergers under the COMESA Competition Commission, as part of efforts to maintain fairness in the market.
Brenda Bota, CFTC’s Director of Consumer Affairs, stated that companies found guilty of unfair practices have 30 days to comply with the fines. “Failure to comply within this period will result in court action to enforce the penalties,” she warned in a statement to MIJ Online.
This decisive action by the CFTC underscores its commitment to protecting consumers and ensuring businesses adhere to ethical trading practices.
ADVERTISEMENT
Source link : https://allafrica.com/stories/202501160310.html
Author :
Publish date : 2025-01-16 12:40:49
