Tuesday, May 3, 2011

Firms Flouting Competition Act Can Be Fined Up To 10 Per Cent Turnover

Bernama, May 03, 2011

PUTRAJAYA, May 3 (Bernama) -- Companies that are found breaching the main provisions of the Competition Act 2010 can be fined up to 10 per cent of their worldwide turnover.

Because the penalty was high, advocacy programmes would be enhanced to ensure all parties including industry players, traders and the public understand the Act before it came into force in January next year, Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said today.

"We don't want the traders to say they don't know the Act because the implication is big if they flout the law.

"If we don't give them room to understand and so on surely problems will arise," he told reporters after the presentation of appointment letters to the chairman and members of the Malaysian Competition Commission here.

The commission was formed on April.

Its chairman is former Chief Judge of Malaya Tan Sri Siti Norma Yaakob.

Four members representing the government are Attorney-General Tan Sri Abdul Gani Patail; Domestic Trade, Cooperative and Consumerism Minister Secretary-General Datuk Mohd Zain Mohd Dom; International Trade and Industry Ministry Secretary-General Datuk Dr Rebecca Fatima Sta Maria; and Economic Planning Unit Director-General Datuk Noriyah Ahmad.

Five members representing the private sector are Asian Strategy & Leadership Institute chief executive Datuk Dr Michael Yeoh, Nilai International College vice president Datuk Dr Sothi Rachagan, Universiti Sains Malaysia Graduate School of Business Dean Prof Datin Dr Hasnah Haron, former Bar Council president Ragunath Kesavan and businessman Abd Malek Ahmad.

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