Tribunal upholds MyCC's fine on MyEG

PETALING JAYA: MyEG Services Bhd said its appeal against Malaysia Competition Commission's (MyCC) fine of RM2.272 million for abusing its dominant position in the online foreign workers permit (PLKS) renewals has been dismissed by the Competition Appeal Tribunal (CAT).
In a filing with Bursa Malaysia today, MyEG said the group has reviewed CAT’s decision with its legal counsel and intends to seek a judicial review and apply for a stay against the tribunal’s decision.
It reiterated that CAT’s decision is not expected to have any material financial and operational impact on the company.
CAT also imposed an additional daily penalty amounting to RM7,500 computed from June 25, 2016 to Dec 28, 2017.
On top of the financial penalty, MyEG was instructed to cease and desist immediately from imposing different conditions to equivalent transactions in the processing of mandatory insurances for online PLKS renewal applications.
MyEG is also required to provide an efficient gateway for all its competitors in the market of sale of the mandatory insurances and allow other competitors to compete at the same level within 60 days from today.
On Bursa Malaysia today, MyEG shares slipped one sen or 0.44% to RM2.24 with 4.35 million shares done.