Follow us on Instagram, TikTok, and WhatsApp for the latest stories and breaking news.
"If you siphon the money through cartels, we will take it back from you," warned the Malaysian Competition Commission (MyCC)
Its Chief Executive Officer, Datuk Iskandar Ismail, said offenders may also be recommended for blacklisting by government agencies.
"If we find any bid-rigging cartel, we will take back some of your money and suggest that you be blacklisted.
"We will run dry your illegal earnings because money is their source of power and greed. If we stop the flow of money, that's it.
"If they are blacklisted, they can even go irrelevant at no time," he told SAYS in an interview.
Datuk Iskandar Ismail said MyCC will go after those who siphon from the government and recover the money.
Image via Aliza ShahIskandar added that companies involved in illegal competition practices can be fined up to 10% of their worldwide turnover.
To date, the highest penalty imposed was RM415.5 million against chicken feed millers, while the smallest was around RM33,000 for tuition and daycare centres.
Iskandar said 90% of cases come from complaints by government agencies, the public, and even disgruntled cartel members.
The commission also initiates investigations using open-source information.
"This investigation, which is based on open-source information, typically looks at cases of price-fixing. One example involves a childcare centre.
"They took pictures and shared them on Facebook, showing they agreed to increase fees, which is illegal," he said, adding that the commission also acts on directives from ministers.
Companies involved in illegal competition practices can be fined up to 10% of their worldwide turnover.
Image via Malaysia Competition Commission's (MyCC) (Provided to SAYS)The commission also monitors market activity for any anomalies.
"When everything seems normal and there are no complaints from industry players, despite the industry being swamped with market-related issues and regulatory challenges, that in itself could be a red flag."
"And if the public suddenly reports difficulties in finding goods or notices unusually high prices, we will investigate," he said, but emphasised that the commission doesn't set market prices and only targets cartels that artificially raise them.
Unlike other enforcement bodies, Iskandar said MyCC's powers extend beyond investigation to include prosecution
"We are a quasi-judicial body, meaning we investigate, decide, and punish; we don't have to go to court.
"This is how other competition authorities in countries like Singapore and South Africa operate," he said, adding that those who disagree with a ruling may appeal to a competition tribunal, a separate entity from the commission.
He clarified that MyCC cannot directly blacklist companies.
Instead, it submits recommendations to the Construction Industry Development Board, which handles construction players, and the Finance Ministry, which oversees government supply, services, and maintenance.
"They can blacklist companies for two to three years, with a maximum of five years," he said.
