Business
Company rubbishes market report as false, fabricated
KTC vehemently denies all accusations made in the report and asserts its steadfast commitment to compliance with all regulatory requirements
Islamabad: Khyber Tobacco Company (KTC) on Saturday issued a statement to take an exception to a report titled "Pakistan Cigarette Market Assessment 2024" by Ipsos Pakistan.
It said that KTC is a leading cigarette manufacturing company in Pakistan, and “is compelled to address the public regarding the baseless and defamatory allegations levelled against it” by Ipsos.
“The said report contains unsubstantiated claims and defamatory remarks regarding KTC's business practices. These false allegations...have caused significant harm to KTC's reputation and business interests,” it said.
KTC vehemently denies all accusations made in the report and asserts its steadfast commitment to compliance with all regulatory requirements, it says.
“We assert with pride that we are among the preeminent national cigarette manufacturing entities, employing a workforce exceeding 400 individuals within the country, and serving as Pakistan’s foremost tobacco exporter during the fiscal year 2022-23. These factors significantly bolster our contributions to the national exchequer, in direct contradiction to the assertions made by Ipsos,” says KTC.
“Besides, KTC was among the initial proponents of executing the track and trace agreement with the Federal Board of Revenue (FBR), as evidenced by public records. The company has cooperated fully with regulatory authorities, including the FBR, and maintains a robust system of internal controls to ensure compliance with all applicable laws and regulations,” it says.
“KTC's manufacturing units are subject to stringent oversight by FBR officials, with monitors stationed on the production floor,” it said.
“The defamatory nature of the report has not only harmed KTC's reputation but has also triggered a detrimental media campaign against local cigarette manufacturers. KTC's name, synonymous with quality and compliance, has been unfairly tarnished by these baseless allegations,” it says.
It says that “formal legal notices concerning defamation have been appropriately served to Ipsos Pakistan and its parent entity located in Paris, France.”
The KTC statement goes on to claim that “It has been brought to our attention that Ipsos Pakistan conducts its business operations within Pakistan through a single-member company (SMC) named ASB Associates, lacking a registered presence within Pakistan.”
“The evident non-compliance of Ipsos with established legal protocols within Pakistan is substantiated and verifiable,” it says.
“We remain steadfast in our commitment to upholding the highest standards of integrity and compliance across all facets of our operations, and we extend our gratitude for the continued support and trust of our esteemed clientele and stakeholders,” it says.