SABAK BERNAM: The Domestic Trade and Cost of Living Ministry has announced plans to table amendments to the Competition Commission Act 2010 (Act 712) and the Competition Act 2010 by the next parliamentary session.
Its minister Datuk Armizan Mohd Ali (pic) stated that the amendments aim to enhance the capacity and authority of the Malaysia Competition Commission (MyCC) to combat cartel practices that could increase costs and prices, ultimately burdening consumers.
He mentioned that the changes would address the four main offences related to cartel activities: price-fixing, market allocation, production quotas, and bid-rigging, more effectively.
"One area under review is the expansion of MyCC's powers. Previously, a party found guilty by MyCC could appeal to the Competition Appeal Tribunal, but MyCC's authority only extended to the tribunal level.
"The second focus is on broadening investigation powers," he said after launching the Ihsan Food Bank (i-FB) initiative here on Thursday (Feb 12).
Armizan noted that 500 businesses are currently under monitoring and urged the public to cooperate by providing information to relevant agencies to facilitate investigations.
He also welcomed the unanimous ruling of the Competition Appeal Tribunal (TRP), which dismissed the appeals by several companies against MyCC's December 2023 decision on chicken feed price adjustments.
On Wednesday (Feb 11), MyCC reported that appeals were filed by Leong Hup Feedmill Malaysia Sdn Bhd, Dindings Poultry Development Centre Sdn Bhd, FFM Berhad, and Gold Coin Feedmills (M) Sdn Bhd, over alleged violations of Section 4 of the Competition Act 2010.
In December 2023, MyCC imposed a total penalty of RM415.5mil on five chicken feed mill companies for breaching the Act by forming a price-rigging cartel. – Bernama
