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Govt imposes RM570 mil in penalties against companies involved in cartels | Scoop
The Domestic Trade and Cost of Living Ministry told the Dewan that the Malaysian Competition Commission (MyCC) has imposed financial penalties to companies involved in cartel activities in the country. – Alif Omar/Scoop file pic, July 30, 2024
News

Govt imposes RM570 mil in penalties against companies involved in cartels

Domestic Trade Ministry replies to senate in writing that fines were given to almost 100 companies, actively investigating 18 cartel cases

Bernama
Updated
8:32 PM MYT

 

KUALA LUMPUR – The Malaysian Competition Commission (MyCC) has imposed financial penalties of more than RM570 million on nearly 100 companies involved in cartel activities in the country, the Dewan Negara was told today.

The Domestic Trade and Cost of Living Ministry in a written reply to senator Datin Ros Suryati Alang said the MyCC is also actively investigating 18 cartel cases involving more than 500 enterprises.

“Fourteen out of the 18 cartel cases involved fraudulent bid-rigging in government procurement with a cumulative value exceeding RM3.3 billion,” it said.

To ensure effective and efficient enforcement, the ministry said that it would table bill to amend the Competition Act 2010 (Act 712) to introduce a Merger Control Regime in addition to strengthening the powers and functions of MyCC in the investigation and enforcement of cartels.

“This regime is one of the early mechanisms proven effective to stop companies from using merger or takeover transactions with their competitors to form a cartel.

“The amendment bill is expected to be tabled in Parliament this October,” it said. – July 30, 2024

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