MyCC slap total of RM25m in penalties on companies

KUALA LUMPUR: The Malaysia Competition Commission (MyCC) has slapped penalties amounting to almost RM25 million on companies to date.
The penalties were imposed on 50 companies from 2013 to 2016, said MyCC's enforcement division director Iskandar Ismail.
"MyCC is aiming to hit harder in terms of action," he said.
He said seven pharmaceutical companies, a number of general insurance companies and a concession holder is currently under investigation.
Iskandar said the pharmaceutical companies are being investigated over "differential pricing and refusal to supply."
Ismail said about 70% of their investigation relates to "price fixing cartel".
"Our investigation is mostly on 'price fixing cartel' and that is the main issue," he said.
He said "price fixing" mostly takes place in the services and consumer goods industry.
Iskandar said MyCC used to focus on smaller companies but added that they are now focusing on bigger companies as they want to create awareness.
He was speaking to the media when approached during a course on the "Competition Act 2010" organised by MyCC together with the Malaysian Press Institute (MPI).
Ismail also said there are plans to amend the "Competition Act 2010" and table it in Parliament next March.