The Competition Committee has announced an investigation into the Gurlan Global Teks cotton cluster regarding price manipulation.
The regional supervisory authority in Khorezm identified 54 instances from 2023 to August 2024 where the company sold cotton fiber, lint, cotton oil, and husks through direct contracts. The total value of the products sold in this manner amounted to 55.9 billion sums.
In seven cases, the goods were supplied at prices exceeding the average exchange quotes at that time. As a result, the company gained an additional approximately 173 million sums.
The Committee also discovered the sale of 3,400 tons of cotton fiber and lint at prices below market values. A total of 45 such instances were identified, amounting to 5.5 billion sums (out of a total product value of 53.5 billion sums).
A special commission has initiated a case against the cluster for violating the "On Competition" law. The company was also accused of selling highly liquid products outside of exchange trading, as stipulated by the regulation from 2020.
Following the investigation, "appropriate measures" were taken against Gurlan Global Teks. The company received an order to cease violations and to prevent them in the future.
Last November, the Competition Committee uncovered violations in the sale of cotton oil, cake, and husks by the Payariq Cluster. The company was accused of earning unjustified income of 1.9 billion sums.
Previously, Spot reported that cotton suppliers will have the right to freely choose their buyers and delivery timelines.