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Firm denies price claims

Elenoa Baselala
Saturday, July 31, 2010

RC Manubhai has distanced itself from the Commerce Commission's findings that some hardware companies were involved in profit shifting as well as exorbitantly increasing prices of hardware materials.

The company's managing director, Dinesh Patel, said the commission had not put any of the allegations directly to the company.

"We wrote to them on several occasions asking for details of what laws our company allegedly breached," Mr Patel said.

"They have not responded. It is surprising and grossly unfair that the Commerce Commission would choose to air allegations to the media even before putting it to us.

"We have instructed our lawyers to write to the Commerce Commission and advise us on the next steps to take.

"At this stage our company denies all the allegations against us."

Yesterday, commission chairman Doctor Mahendra Reddy said he was requested by the Trade and Industry Ministry to conduct the investigations.

He said he had completed his investigations and forwarded his report to the ministry and if the hardware companies wished to raise any queries, they could do so with the ministry. Dr Reddy said the company erred in attacking him and should attack the ministry, which requested the investigations.

ANZ
Currency Inward TT Buying Rate Sell Rate
GBP3-week history 0.34060.3326
CAD3-week history 0.55650.5345
EUR3-week history 0.41030.3983
JPY3-week history 45.110042.1100
NZD3-week history 0.74040.7074
AUD3-week history 0.58110.5561
USD3-week history 0.52710.5101

from

$00.00

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