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“Approximately 250 companies have been fined more than RM150 million by MyCC,” acting domestic trade and cost of living minister Armizan Ali said in a written Dewan Rakyat reply.
Armizan said MyCC was currently investigating over 430 companies suspected of engaging in cartel activities.
The companies believed to be involved in cartel activities affect not only the public’s basic needs, but also goods and services that influence the cost of living, he added.
Meanwhile, Armizan said MyCC would amend both the Competition Act 2010 (Act 712) and the Competition Commission Act 2010 (Act 713) to combat cartel activities in the long term.
He said the amendment would strengthen the powers of investigation and enforcement.
Additionally, the introduction of a merger control regime will empower MyCC to take early intervention actions (ex-ante) against the formation of new cartels or monopolies through the control of merger activities, Armizan said.
He said with the amendment, any company found guilty of involvement with a cartel could be subject to financial penalties of up to 10% of their company’s total revenues.
If it involves government procurement, they can also be blacklisted from participating in government tenders in the future.
Recently, the domestic trade and cost of living ministry and MyCC were instructed to gather more information and evidence to help investigations into a rice cartel claim made by Umno Youth chief Dr Akmal Saleh.
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