A report detailing the trade practices of hardware companies in the country has been handed over to the Trade and Commerce Minister yesterday.
Commerce Commission Chairman Doctor Reddy highlighted in the report, five key issues in the report that there are exclusive dealings, markups as high as 34,000 percent on certain items like fasteners, paints, tools, electrical appliances roofing, timber and steel which have high to exorbitant markups, violation of accounting practices, profit shifting by larger operators to off-shore companies and importation of sub-standard products.
Dr Reddy said recommendations have been made to the minister, as they await directives.
Trade Commerce Minister, Aiyaz Sayed Khaiyum said government had referred the matter to the Commission to look into the practices adopted by the hardware outlets and the retailers for some time.
Sayed-Khaiyum said they want to make housing affordable for everyone in the country by having a robust construction industry.
He added he will be studying the report very carefully to suggest what the best option.
Story by: Ronald Deo
