Monday, December 30, 2013

Cartel King in Malaysia

KUALA LUMPUR – The Federation of Stationers and Booksellers Association of Malaysia faces action under the Competition Act 2010 should they increase prices as they like.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek stressed that among the actions which could be taken were a fine, closure of the business premises or confiscation of goods.
He said it could be done because the federation’s plans to increase the price of goods was a cartel activity to reap extra profit due to market monopoly.
“Cartel activities are an offence because operators under the federation are planning to increase prices,” he told reporters after launching the Back to School sale campaign at a supermarket.
The Star reported that the federation planned to increase the price of stationery and books by 20 to 30 per cent in the first quarter of next year. – Bernama

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