The Competition Committee of Uzbekistan has mandated that "Lukoil Overseas Supply and Trading" return funds on obtained through price manipulation in the sale of technical sulfur products. This directive follows an investigation by the Committee which identified that Lukoil had engaged in practices such as placing inconsistent volumes of sulfur products on stock exchanges, leading to price increases of between 10% and 50%.
Background of the Case
The Committee for the Development of Competition and Protection of Consumer Rights initiated the case after observing signs of price manipulation by Lukoil in the trading of technical sulfur products. These manipulative actions resulted in substantial price hikes in the stock market, prompting the committee to act in accordance with the law on competition of Uzbekistan.
Committee's Findings and Actions
The Special Commission of the Committee determined that Lukoil's actions violated competition regulations and the established decree. As a result, the Committee has instructed Lukoil to return the funds that were unjustly obtained through these manipulative practices. Additionally, Lukoil has been directed to eliminate any ongoing violations and take measures to prevent future infractions.
The committee emphasized that its investigation is ongoing and that further details will be disclosed as the case proceeds through the legal process. Stakeholders and the public will be informed of any developments and decisions made regarding this matter.
Lukoil, if dissatisfied with the Committee's decision, has the right to appeal. The company can present its case to the Appeals Board of the Committee or seek a judicial review through the courts.
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