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Published: Friday February 28, 2014 MYT 12:00:00 AM
Updated: Friday February 28, 2014 MYT 8:03:55 AM

DPM: Traders breaking rules

PUTRAJAYA: The increase in the prices of food items and services was caused by unscrupulous traders, Tan Sri Muhyiddin Yassin said.

The Deputy Prime Minister said traders as well as some service providers were found to have breached business regulations.

“Some simply ignored the requirement to display the price tags and there are those who used various methods to manipulate the cost and prices of goods in the market.

“This includes anti-competition activities such as monopoly and cartel, which have contributed to the price hike and burdened the people.

“The Government is constantly monitoring the situation and will not tolerate any profiteering act,” he said when launching the Price Tagging Compliance campaign at the Precinct 8 public market here yesterday.

Also present at the launch were Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek along with his deputy Datuk Paduka Ahmad Bashah Md Hanipah,

Muhyiddin said that while the Government encourages the business sector to succeed and make reasonable profits as this would also help to boost the national revenue and image, it would not allow anyone to take advantage by unnecessarily raising the prices of any goods or services.

“Traders must not forget their social responsibility towards consumers by not making excessive profits.

“They must also think about good business practices, which include displaying the price tags,” he added.

Under the Price Control and Anti-Profiteering Act, the offence of not displaying price tags is punishable by a fine of up to RM100,000 or imprisonment of up to three years.

Tags / Keywords: Government, Business, muhyiddinyassin price tag good business practices

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