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 of the high penalty, advocacy programmes will be enhanced to ensure all parties including industry players, traders and the public understand the Act before it goes into force in January next year, said Domestic Trade, Cooperative and Consumerism Minister Ismail Sabri Yaakob.
“We don’t want the traders to say they don’t know the Act.
“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, yesterday.
The commission was formed in April. Its chairman is former Chief Judge of Malaya Siti Norma Yaakob and the other four members representing the government are Attorney-General Abdul Gani Patail, Domestic Trade, Cooperative and Consumerism Minister Secretary-General Mohd Zain Mohd Dom, International Trade and Industry Ministry Secretary-General Dr Rebecca Fatima Sta Maria; and Economic Planning Unit Director-General Noriyah Ahmad.
Five members representing the private sector are Asian Strategy & Leadership Institute chief executive Dr Michael Yeoh, Nilai International College vice president Dr Sothi Rachagan, Universiti Sains Malaysia Graduate School of Business Dean Prof Dr Hasnah Haron, former Bar Council president Ragunath Kesavan and businessman Abd Malek Ahmad.
– Bernama
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