MyCC proposes RM46.36mil financial penalty on PPB's FFM

KUALA LUMPUR: Malaysia Competition Commission (MyCC) has proposed to impose a financial penalty of RM46.36 million on FFM Bhd, an 80 per cent subsidiary of PPB Group Bhd, following the findings on the alleged infringement of Section 4 of the Competition Act 2010 (Act 712).

In a filing with Bursa Malaysia today, PPB said MyCC’s allegation against FFM was in relation to purported entering into agreements or concerted practices by certain poultry feed millers in fixing the price of poultry feed.

"Subject to the findings in relation to the alleged infringement, MyCC had proposed to impose a financial penalty of RM46.36 million on FFM.

"There is no operational or material financial impact to the group,” it said.

It said FFM may submit a written representation to MyCC by Sept 20 and the company is working with its advisors on its representations to MyCC.

Nonetheless, it said the proposed decision and potential penalty of RM46.36 million are neither final nor conclusive at this juncture as MyCC has, in its press statement dated Aug 5, 2022, highlighted that its findings are provisional and it should not be assumed that any entity has broken the law at this stage.

On Aug 5, MyCC issued a proposed decision against five feed millers for infringing Section 4 of the Competition Act 2010 (Act 712).

The other four feed millers which received the same proposed decision notice by MyCC are Dindings Poultry Development Centre Sdn Bhd, Gold Coin Feedmills (Malaysia) Sdn Bhd, Leong Hup Feedmill Malaysia Sdn Bhd and PK Agro-Industrial Products (M) Sdn Bhd. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

The rise of online financial fraud in Malaysia
Cybersecurity experts share their views
Letter to the editor
Dutch Lady losing dividend appeal
Currencies crack as dollar dominates
Stable currency is a must for the economy
Persistent overhang
Kechara Soup Kitchen set for expansion
Making peanut butter cool again
The winding road to a 15% global minimum tax

Others Also Read