throughout the lab here. 1. Bid rigging is well rigging a bid so that a certain firm will win the bid. http://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/dealings-competitors/bid-rigging Bid Rotation is when bidding is predetermined which firm is going to win and the other firms involved in the process get something out of it as well so basically a win-win situation for all involved parties. Bid suppression is where firms can enter the bid but choose to not do so in
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is difficult to accept that an odious act like rigging a public bidding can get the public officer responsible for it wholly absolved of liability just because he was not a member of the bids committee that chose the winning bid. The Facts and the Case On April 7‚ 1997 the President of petitioner National Power Corporation (NPC) filed an administrative action against respondent Rodrigo A. Tanfelix‚ a Supervising Mechanical Engineer‚ for rigging the bidding for the construction of the wind break
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COMPETITION ACT‚ 2002 1 OBJECTS / PREAMBLE OF THE ACT An Act to provide keeping in view of the economic development of the country‚ for the establishment of a Commission: to prevent practices having adverse effect on competition; to promote and sustain competition in markets; to protect the interests of consumers; to insure freedom of trade carried on by other 2 participants in markets‚ in India; OBJECTS / PREAMBLE OF THE ACT In precise terms: The purpose
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Effective enforcement of the antitrust laws in order to eliminate restrictions on competition is the prime objective for every competition authority. Our focus is continuously on the most serious violations‚ such as horizontal agreements and concerted practices between competitors. The harm done to consumers and society of such activities is undisputable which need to be curbed. There has been a lot of debate on the merits of criminalization over the last years‚ but there is no clear consensus
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Charan Singh vs Healing Touch Hospital & Ors on 20 September‚ 2000 Author: . A.S.Anand Bench: K.G.Balakrishnan‚ M.B.Shah PETITIONER: CHARAN SINGH Vs. RESPONDENT: HEALING TOUCH HOSPITAL & ORS. DATE OF JUDGMENT: 20/09/2000 BENCH: K.G.Balakrishnan‚ M.B.Shah JUDGMENT: Dr. A.S.Anand‚ CJI: L.....I.........T.......T.......T.......T.......T.......T..J This appeal under Section 23 of the Consumer Protection Act‚ 1986 is directed against an order of the National Consumer Disputes Redressal
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Internal Accountant’s Report to Management It is my opinion that a full financial status review would be in the best interest of the Company. We have taken pride in the fact that we qualify for Government contracts. We should not let anyone else find any fault within our Company. In conducting such a review‚ we would be able to thoroughly examine aspects of not only our control systems but our personnel and practices. Through a full financial status review we will also be able to determine
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|Accountant | Memo To: Management From: Internal Accountant Date: 10/8/2011 Re: Government Bid Occupational fraud is defined as the use of a person’s job for individual enrichment through the purposeful mishandling or misapplication of his or her employer’s capital or assets (Wells‚ 2005). Occupational fraud can have a serious
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Suing over spilt milk It’s been dubbed “Europe’s Enron” – the saga that has engulfed Italy’s milk-processing giant Parmalat and its senior executives‚ blue-chip European and American banks‚ accountancy firms‚ politicians and 130‚000 hapless small shareholders following the discovery in 2003 of a $14bn black hole in its finances. The revelation triggered an eight year marathon of court cases in Europe and America‚ the disgrace of the Tanzi family that controlled Parmalat‚ at least one death‚ the
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Economic and Social benefits of collusion: Collusive oligopoly can bring about economic benefits to consumers. Firstly‚ cartels results in a uniform market structure with one price and one level of output produced. The result is greater consumer or business confidence‚ as expenditure can be more easily planned. One example of where prices were maintained relatively constant would be oil in the 1990s; where OPEC aimed to charge between $25 and $35 per barrel of oil. In doing so‚ businesses requiring
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profile industries cannot be trusted by the public. This also applies to our very own trusted banks. JP Morgan Chase a trusted financial institution has included itself on the list of corporate crimes. These crimes include but are not limited to rigging bids for personal investments‚ home insurance fraud‚ and overcharging the military veterans. As a result‚ Chase illegally pocketed millions of dollars from taking advantage of their clients. What makes this case very intriguing is that Chase is one
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