The losses were mainly due to an impairment due from an associate company amounting to RM95.45mil, and the impairment of equipment amounting to RM76.29mil.
KUALA LUMPUR: MY E.G. Services Bhd will filed an appeal for a stay of a daily penalty of RM7,500 imposed by the Malaysia Competition Commission (MyCC).
It issued the statement to Bursa Malaysia on Thursday after the High Court of Kuala Lumpur upheld the MyCC's decision under Section 10(2)(d)(iii) of the Competition Act 2010 for abusing its dominant position.
Bernama reported that in dismissing the judicial review application by MyEG, High Court Judge Datuk Azizah Nawawi agreed with the Competition Appeal Tribunal's findings that reaffirmed MyCC's decision that MyEG had abused its dominant position by imposing different conditions in equivalent transactions in the purchase of mandatory insurances for the renewal of the Pas Lawatan (Kerja Sementara) (PLKS) for foreign workers.
“Consequently, MyEG was ordered to pay a penalty of RM9.337mil in total for such infringement, which includes a penalty of RM307,200 and daily penalties from Oct 7, 2015 to Jan 22, 2019 amounting to RM9.03mil.
“MyEG is still liable for a daily penalty of RM7,500 per day until they comply with the directives imposed by MyCC in its decision,” MyCC said in a statement.
MY EG said following the dismissal of its judicial review by the High Court, “we will be filing for a stay in the daily penalty and we will be filing an appeal to the Court of Appeals immediately”.
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