Islamabad: Competition Commission of Pakistan (CCP) has imposed fine of Rs 150 million on Kingdom Valley Private Limited for giving misleading advertisements about its housing project.

CCP had observed that the private housing society made wrong claim in its advertisements about registration in government approved Naya Pakistan Housing Program.

The investigation made by the CCP under suo motu notice revealed the company advertised its housing project under Kingdom Valley Islamabad. In fact this project is located in village Chhoro tehsil and district Rawalpindi.

The investigations further revealed that Kingdom Valley misled its customers by showing wrongly its project as having been affiliated with Naya Pakistan Housing Program and Naya Pakistan Housing and Development Authority.

The company also declared its project as NOC approved. The terms of conditional approval were not explained.

After reviewing the case a bench comprising commission members Saeed Ahmad Nawaz and Abdul Rashid Sheikh maintained the company provided false or misleading information to customers by violating competition act and misled them.

Commission noted this too that Kingdom Valley Private Limited have not filed financial accounts and declarations in Securities and Exchange Commission of Pakistan which raise questions on its transparency and fiscal governance.