Kazakhstan to ramp up antitrust actions in sugar market
Sugar suppliers that let price gouging happen will be held accountable. During a meeting of the Commission for the Demonopolization of the Economy, the Agency for the Protection and Development of Competition mandated an inspection on the grounds of violation of the antimonopoly law. It was found that most of the sugar produced in the country was procured by a large wholesale supplier, whose actions are seen as signs of the removal of goods from distribution. This resulted in rise in sugar price up to 700-800 tenge, whereas a manufacturing plant sold it at 420-450 tenge. It is offered to tighten control over market players pertaining to minimum batches of sugar sold by them through the commodity exchange, as well as to consider the issue of allocating revolving loans for manufacturing plants to purchase raw materials. Kazakh Prime Minister commended the announced approaches and gave a number of additional instructions to government agencies.