Competition Bill Will Prevent Monopoly and Protect Consumers

KUALA LUMPUR, April 7 (Bernama) -- The Competition Bill 2010 to prevent monopoly and cartel activities by big companies was tabled for first reading in Dewan Rakyat on Wednesday.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaacob said the bill's aim was to encourage economic growth by protecting competition and consumers' interest.

He also tabled the Competition Commission Bill 2010 for establishment of the commission responsible for enforcing the Competition Act.

Under the Competition Bill, big companies in the same trade are prohibited from making agreements to prevent or hinder competition in the market.

Ismail said the companies are also prohibited from price fixing, directly or indirectly and can be fined not more than RM5 million for the first offence and not more than RM10 million for the second and subsequent offences.

Individuals can be fined not more than RM1 million or jailed not more than five years' or both for the first offence.

They can be fined not more than RM2 million or jailed not more than five years' or both for the second and subsequent offfences.

-- BERNAMA