Legal action against hoarders

Tuesday, 2 August 2011 00:04 - - {{hitsCtrl.values.hits}}

Traders caught hoarding cement or selling above the government stipulated price would have legal action taken against them, Co-operatives and Internal Trade Ministry yesterday said in a statement.

The press release announced directions given by Co-operatives and Internal Trade Minister Johnston Fernando to Consumer Affairs Authority head Rumy Marzook to take legal action against any trader hiding stocks of cement or selling above the government stipulated price of Rs.750.

Terming the cement shortage as ‘small’, the Minister assured that the shortfall in imports would end this week. The reason for the shortage given in the press statement was that a cement company in Pakistan had closed resulting in imports dropping. “The Minister has given instructions to the Building Materials Corporation to import new stocks of cement and distribute it through the corporation’s offices. The private sector is also brining in new shipments next week,” it said. Fernando had warned traders that since cement can only be kept for the space of 3-5 months, excessive stockpiling cement was a violation of consumer rights and that it would be pointless in any case as sufficient stocks would be arriving next week.