MAS-AirAsia share swap probe still ongoing

  • Business
  • Thursday, 29 Mar 2012

GEORGE TOWN: Investigations into the share agreement between Malaysia Airlines (MAS) and AirAsia Bhd is still ongoing, said the Malaysia Competition Commission (MYCC).

“I cannot make any announcement… we are still investigating (the share swap agreement). When the time is right, we will tell you,” its chairman Tan Sri Siti Norma Yaakob said.

She was speaking to reporters after officiating a two-day workshop on “The Competition Act 2010: A Review of Market Behaviour” at Universiti Sains Malaysia yesterday.

MYCC commissioner Datuk Dr S. Sothi Rachagan said the investigation would take a longer time as it was a complex process involving an examination of agreements.

Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob has said the MYCC investigation into the share-swap deal would focus on whether it involved an abuse of monopoly or formation of a cartel. — Bernama

Commenting on the Competition Act, which came into force in January this year, Siti Norma said it took the Government about 20 years for its introduction.

“Although the Act is new to the business community in Malaysia, education is vital in spreading its purpose and objective as well as how it could attract business and change mindset.”

The Competition Act is aimed at promoting the process of market competition and protecting the interest of consumers. It applies to all business activities by both private and government-linked companies, within and outside Malaysia.

Siti Norma said the Competition Act would result in more players in the market, encourage investments via dynamic efficiency, and generate real prices through allocative and static efficiency.

About 40 participants at the workshop were exposed to the Competition Act’s role in promoting healthy competition and fair business, anti-competition behaviour as well as abuse of dominant position. — Bernama

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