More clout to curb profiteering

> Law to be enhanced to address price manipulation by middlemen

BAGAN DATUK: Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi said the Price Control and Anti Profiteering Act 2011 will be amended, or a new law will be drawn up, to tackle manipulation of prices by middlemen.

Ahmad Zahid, who also chairs the high-level committee to address the rising cost of living, said the Act currently did not have provisions for price control involving middlemen or cartels.

“When it happens (price hikes), our opinions should not differ no matter which party we belong to, as the issue of food (prices) is a common concern,” he said yesterday at a ceremony to present cattle for sacrifice in conjunction with Aidiladha.

“These people who take advantage and manipulate the market, leading to high retail prices.

“They fix the prices based on their own assumptions,” he said, adding that the Agriculture and Agro-based Industry Ministry, and Domestic Trade, Cooperatives and Consumerism Ministry had been asked to discuss the matter with their legal advisers to find the best way to amend the Act, or draw up a new law.

Ahmad Zahid, who is also Bagan Datuk MP, said the matter should be expedited because without strict legal enforcement, the people at large who were the victims of profiteering, would blame the government.

“This is a people’s problem that is being tackled not only by both ministries, but should be resolved also through enforcement action.

“To the middlemen, I urge them not to take advantage of hardships faced by the people.”

Ahmad Zahid said he hopes to table the changes at the next Parliament meeting in October.