ISLAMABAD[STAFF REPORTER]
Competition Commission of Pakistan (CCP) has imposed a penalty of Rs 150 million on Kingdom Valley (Pvt.) Limited for misleading advertisements concerning its housing project.
Acting on a suo motu notice, CCP’s Office of Fair Trade initiated an investigation and found that the company:
Falsely advertised its project as “Kingdom Valley Islamabad”, despite it being located in Mouza Choora, Tehsil & District Rawalpindi;
Misrepresented affiliations with the Naya Pakistan Housing Program (NPHP) and Naya Pakistan Housing and Development Authority (NAPHDA);
Publicized the project as “NOC Approved” without accurate or complete disclosure regarding its approval status.
The Commission bench, comprising Mr. Saeed Ahmed Nawaz and Mr. Abdul Rashid Sheikh, concluded that the company had violated Sections 10(2)(a) and 10(2)(b) of the Competition Act, 2010, which prohibit dissemination of false or misleading information to consumers. Consequently, Rs 75 million was levied for each violation, amounting to a total fine of Rs 150 million.
In addition, the Commission noted serious non-compliance, including the company’s failure to submit audited financial statements and non-compliance with CCP’s directives. The company has also not filed financials with the SECP for several years, raising concerns about its governance and transparency.
The CCP reiterates its commitment to protecting consumers from deceptive marketing practices and ensuring fair competition in the housing and real estate sector.
