The Bangladesh Competition Commission (BCC) has fined Peoples Poultry and Hatchery Ltd Tk 72.02 lakh for violating the Competition Act, 2012, by indirectly raising egg prices abnormally through collusion with similar organizations.

The penalty was imposed for breaching Section 15 of the act, the BCC said in a press release today.

Section 15 prohibits any person from directly or indirectly entering into agreements or collusions regarding the production, supply, distribution, storage, or acquisition of goods or services that may adversely affect competition or create monopolies or oligopolies in the market.

The fine was calculated based on the company's average turnover over the past three years, in line with the provisions of the act.

The company has been instructed to deposit the amount to the BCC within 30 working days of the ruling.

However, under the act, Peoples Poultry and Hatchery has the right to file a review or appeal against the order.

An inquiry and investigation were conducted following allegations in the case. During the hearing, the statement of the company's lawyer regarding the investigation report was considered, the BCC said.

"Our market share is only 0.04 percent, and this is a predetermined verdict," said KM Saidur Rahman, senior manager of Peoples Poultry and Hatchery.

"According to the act, we cannot be found guilty under the sections in which the allegations have been brought against us," he said.

"Therefore, we will appeal against this verdict," he added.

In 2022, based on a report from the Directorate of National Consumers' Rights Protection and various media reports, the BCC launched an investigation against Peoples Poultry and Hatchery Ltd.

Upon finding the allegations to be true, the BCC filed a case against the company.