Govt to reveal 2 unethical firms [New Straits Time (Malaysia)]
(New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: The government is expected to reveal the country's first two firms fined for flouting the Competition Act 2010 last Friday.
The Act, which is enforced by the Malaysia Competition Commission, an agency under the Domestic Trade, Cooperatives and Consumerism Ministry, weeds out unethical business practices by all companies in the country, be it local or foreign, which team up to carry out concerted measures to cause prices to rise artificially.
For example, bus operators or flower sellers partner each other to jack up prices with no valid justification other than the sole intention of fleecing the public.
Malaysia Competition Commision chief executive officer Shila Dorai Raj said the two companies are the first two of 26 firms under active investigations currently.
"The firms are involved in pharmaceutical, container depots and a bag of other mixed sectors," Shila said after launch of the commission's handbook on "Competition Act 2010: A Guide for Business."
Domestic Trade, Cooperatives and Consumerism Minister Datuk Hasan Malek, who launched the book, said Malaysia now joins another 140 countries which have enforced the legislation aimed at eliminating unfair trade practices.
Hasan said the outcome of ongoing investigations on the merger between Malaysia Airlines and AirAsia will be announced soon.
The two airlines announced plans to merge in May last year, which since then has been scrapped.
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