PETALING JAYA: The Malaysian Competition Commission (MyCC) is currently probing 563 companies that are allegedly involved in trade cartels, the Dewan Rakyat hears.
Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said a special emphasis was being given on companies that were rigging bidding in public procurement.
“563 companies are being investigated for suspicion of being involved in trade cartels and special focus is given to bid-rigging cartels in public procurement worth RM2.66bil,” said Armizan in a Parliamentary written reply dated Aug 21.
Armizan said that from 2012 till presently MyCC have incurred RM647.9mil of penalties to 265 companies for forming trade cartels.
Armizan said all of MyCC’s decisions, involving financial penalties of a total of RM647.7mil on several cases, are available for public viewing on the MyCC website, in line with the Competition Act 2010 (Act 712), which requires these decisions to be published.
Armizan said his ministry, through MyCC, takes the trade cartel issue seriously.
“Under competition law, trade cartels are categorised as the worst crime because it is a form of economic sabotage, not only to the national economy, but consumer rights,” he added.
