Exclusive: Indian Antitrust Watchdog Raids Glencore Business, Others Over Pulse Prices – Sources

www.oann.com | 7/18/2017 | Staff
moemajor (Posted by) Level 3
NEW DELHI (Reuters) – India’s antitrust watchdog raided units of global commodities trader Glencore and two other firms in Mumbai on Saturday in an inquiry into alleged collusion on the price of pulses, four sources with knowledge of the raids told Reuters.

More than 25 antitrust officials carried out the raids at the offices of local units of Glencore and Africa’s Export Trading Group, and India’s Edelweiss group which previously had a commodities business, two government sources told Reuters.

Competition - Commission - India - CCI - Allegations

The Competition Commission of India (CCI) has been investigating allegations that the companies formed a cartel to discuss the pricing of pulses while importing and selling them in the Indian market at higher prices in 2015 and 2016, when India faced an acute shortage, the sources said.

A spokesman for Switzerland-based Glencore, Charles Watenphul, declined to comment, while India’s Edelweiss, which sold its commodities trading business in November 2016, and the Export Trading Group did not respond to requests for comment.

Years - Drought - Prices - Pulses - Chickpeas

Two years of drought pushed up prices of pulses such as chickpeas and black grams, which are a staple of Indian cuisine, in 2015 and forced New Delhi to offer duty-free imports, encouraging foreign and Indian traders who imported...
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