Friday, July 1

PM: Amendments to make Competition Act 2010 more comprehensive


Ismail Sabri addresses a press conference in Bera on June 19, 2022. — Bernama photo

KUALA LUMPUR (June 23): Efforts are being made to amend the Competition Act 2010 to make the country’s competition laws more comprehensive and bring them in line with international practices, said Datuk Seri Ismail Sabri Yaakob.

The prime minister said the proposed amendments, especially on the introduction of provisions for a regime on merger control, would empower the Malaysia Competition Commission (MyCC) to evaluate and investigate merger transactions which have potential to cause market concentration and lead to monopolies in the market.

“We all know monopolistic practices always create anxiety among Keluarga Malaysia, especially when this monopoly tries to continue disrupting competition and preventing the entry of small competitors in the market.

“Amendments to the Competition Act and Malaysia Competition Commission Act will give power to MyCC to tackle in an effective and efficient manner issues of competition normally seen in a frequently changing economic landscape,” he said in his speech at the third MyCC 2022 Competition Law Conference here today.

His speech was read out by Domestic Trade and Consumer Affairs Minister Dato Sri Alexander Nanta Linggi. — Bernama