<figure id="attachment_2742649" aria-describedby="caption-attachment-2742649" style="width: 1600px" class="wp-caption aligncenter"><img loading="lazy" class="size-full wp-image-2742649" src="https://media.freemalaysiatoday.com/wp-content/uploads/2024/04/56560d82-mycc-hq-logo-better-fmt-230424.webp" alt="mycc" width="1600" height="1000" /><figcaption id="caption-attachment-2742649" class="wp-caption-text">Since 2012, MyCC has imposed nearly RM648 million in penalties against 265 companies for forming cartels.</figcaption></figure>
PETALING JAYA: The Malaysia Competition Commission (MyCC) is investigating 563 companies suspected of involvement in trade cartels, with a particular focus on an alleged RM2.66 billion public procurement bid-rigging scheme, says the domestic trade and cost of living ministry.
However, the ministry did not provide a timeline for the current investigations, nor did it disclose which sectors the 563 companies operate in or details regarding the alleged RM2.66 billion bid-rigging scheme.
Minister Armizan Mohd Ali also said that since 2012, the commission has imposed nearly RM648 million in penalties on 265 companies found guilty of being part of trade cartels.
&#8220;All MyCC decisions regarding the aforementioned cases, including the RM647.9 million in financial penalties, are published on the MyCC website for public viewing, in line with the requirements of the Competition Act 2010, which mandates that such decisions be made publicly available,&#8221; he said in a written parliamentary reply.
Armizan was responding to Misbahul Munir Masduki (PN-Parit Buntar), who asked the ministry to outline the government’s success in tackling trade cartels and subsidy abuse, and whether investigation results would be periodically released to the public.
He added that the ministry, through MyCC, takes trade cartels very seriously.
&#8220;Under competition law, trade cartels are considered the most serious offence as they constitute a form of economic sabotage, affecting not only the national economy but also consumer rights,&#8221; he said.

MatchPoint Times

MyCC probing 563 firms for suspected cartel activities

The domestic trade and cost of living ministry says the commission is also focusing on an alleged RM2.66 billion public procurement bid-rigging scheme.

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