KUALA LUMPUR: The Malaysia Competition Commission (MyCC) has fined five companies a total of RM415 million for forming a “chicken cartel” to fix prices.
MyCC CEO Iskandar Ismail said the firms were alleged to have agreed to raise the price of poultry feed, which then led to higher chicken prices.
Investigations found that the five companies, the country’s biggest chicken feed producers, violated the Act by having an agreement between them with the goal or effect of “preventing, restricting or distorting competition” in any market for goods or services.
The five companies are Dindings Poultry Development Centre Sdn Bhd, FFM Bhd, Gold Coin Feedmills (Malaysia) Sdn Bhd, Leong Hup Feedmill Malaysia Sdn Bhd, and PK Agro-Industrial Products (M) Sdn Bhd.
“We have issued a final decision against the five companies for breaching Section 4 of the Competition Act 2010 through the formation of a chicken feed pricing cartel.
“Cartels are a supreme evil in competition law. Therefore, we act decisively to tackle issues like this. It is economic sabotage against all consumers,” he said at a press conference.
MORE TO COME - FMT
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