MyCC imposes RM25 mln in fines since 2013

KUALA LUMPUR: The Malaysia Competition Commission ( MyCC) has imposed fines amounting to RM25 million against 50 companies since 2013 to date, says enforcement division director Iskandar Ismail.

He said cases involved big industry players in various sectors in the country.

“Currently we are investigating companies in the pharmaceutical industry, general insurance industry, financial institutions, as well as the services industry.

“We will be more aggressive in our enforcement next year particularly against price fixing cartels as they are the most notorious in breaching the Competition Act ( CA) 2010,” he told reporters after conducting a media course on the CA 2010 here yesterday.

Iskandar said MyCC was also planning to amend the Act to further strengthen the law, which aims to protect small and medium enterprises from “being bullied” by big companies.

“We expect the amended Bill to be tabled in Parliament in March next year,” he added.

MyCC, an independent body under the Ministry of Domestic Trade, Cooperatives and Consumerism, is responsible for enforcing the CA 2010, which aims to promote healthy competition, giving consumers a wider choice of reasonably priced good quality products.

The Act came into force in January 2012. — Bernama