The Committee for Development of Competition and Protection of Consumer Rights announced the findings of the study of the activities of the Russian Lukoil Overseas Supply and Trading Ltd with signs of price manipulation.
In connection with this case, the special commission of the Committee found that Lukoil Overseas Supply and Trading Ltd. breached the Competition Law of Uzbekistan and the Cabinet of Ministers’ Procedure for the sale of highly liquid and (or) monopolistic products in stock exchanges".
A decision was made by the Competition Committee that the company should return the unreasonably received cash and a mandatory instruction was given to eliminate and prevent further violations.
Reportedly, the party not satisfied with this decision has the right to appeal to the Appeal Board of the Committee or to the court.
Earlier, the Competition Committee identified signs of the actions of "Lukoil Overseas Supply and Trading Ltd" in the sale of technical sulfur products through stock trading, including manipulations such as placing inconsistent product volumes in stock trading, which led to an artificial increase in the price of the product, which resulted in prices of technical sulfur products increasing by 10 percent to 50 percent on average.
