KUALA LUMPUR: The Domestic Trade, Cooperatives and Consumerism Ministry has given an assurance that the Competition Act 2010 which was gazetted on June 10, will not affect businessmen’s operations in the country.
PUBLIC DONATION: Ismail (fifth right) together with the recipients of the hearses at Bank Rakyat building, Jalan Tangsi, Kuala Lumpur. — Bernama photo.
Its minister, Datuk Seri Ismail Sabri Yaakob said the act, which would only be enforced on Jan 1, 2012, could instead ensure healthy competition among businessmen.
“The act actually protects businessmen because it ensures there is no competition such as price fixing, import cartel, production limit and market sharing which is perceived by the ministry as benefiting only dominant companies,” he said.
He said this to reporters after the handing over of hearses to selected mosques and surau throughout the country at the Bank Rakyat headquarters, Jalan Tangsi, here yesterday. Also present were Bank Rakyat chairman Tan Sri Dr Syed Jalaludin Syed Salim and Bank Rakyat managing director Datuk Kamaruzaman Che Mat.
Meanwhile on the handing over of the 39 hearses by Bank Rakyat to the mosques and surau, he said the money came from the bank’s business tithe for the year 2009 amounting to RM35.35 million which had been distributed to all the states.
He said the 39 vans were valued at RM3.51 million.
The contribution was part of the Bank Rakyat’s corporate social responsibility, he said. — Bernama