KUALA LUMPUR: Leong Hup International Bhd
has appealed the Malaysia Competition Commission's (MyCC) decision to fine its wholly-owned subsidiary Leong Hup Feedmill (M) Sdn Bhd as an alleged member of a poultry feed price-fixing cartel.
In a filing with Bursa Malaysia today, Leong Hup said it had filed a notice of appeal with the Competition Appeal Tribunal and applied for a stay on MyCC's decision.
"Further announcements will be made as and when there is material development on the above matter," it added.
On Dec 22, MyCC said it had imposed a penalty of nearly RM415.5 million against five poultry feed manufacturers for infringing Section 4 of the Competition Act 2010 (Act 712) by forming a price-fixing cartel for poultry feed.
The companies were Leong Hup Feedmill (M) Sdn Bhd, FFM Bhd, Gold Coin Feedmills (M) Sdn Bhd, Dindings Poultry Development Centre Sdn Bhd and PK Agro-Industrial Products (M) Sdn Bhd.
The commission said its investigation uncovered evidence of identical increments in poultry feed prices among the parties from January 2020 to June 2022, in addition to the finding that the five enterprises had employed a calculated strategy to create the illusion of rising poultry feed costs due to hikes in raw material costs. - Bernama
