5 companies fined RM415mil for forming ‘chicken feed cartel’
The chicken feed producers were said to have agreed to raise their rates, leading to higher chicken prices.
Read More: https://www.freemalaysiatoday.com/category/nation/2023/12/22/5-companies-fined-rm415mil-for-forming-chicken-cartel/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2023/12/22/kartel-ayam-5-syarikat-kena-denda-rm415-juta/
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#FMTNews #ChickenFeed #Cartel #CompetitionAct
Read More: https://www.freemalaysiatoday.com/category/nation/2023/12/22/5-companies-fined-rm415mil-for-forming-chicken-cartel/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2023/12/22/kartel-ayam-5-syarikat-kena-denda-rm415-juta/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
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Transcript
00:00 "We heard the arguments of the five companies and we found that they violated Section 4
00:13 by forming a price list regarding the chicken market."
00:21 Five companies were fined a total of RM450 million for allegedly forming a chicken feed
00:28 cartel to fix prices.
00:31 Iskandar Ismail, CEO of the Malaysia Competition Commission, said the firms were alleged to
00:36 have agreed to raise the price of poultry feed, which then distorted chicken prices.
00:42 MyCC said the five companies, who are the country's biggest chicken producers, violated
00:47 the competition act pertaining to agreements between businesses with the goal or effect
00:52 of preventing, restricting, or distorting competition in any market for goods or services.
00:59 The five companies are Dinding's Poultry Development Centre, Sindiran Berhad; FFM Berhad; Gold Coin
01:06 Feed Mill, Sindiran Berhad; Leong Hab Feed Mill, Malaysia Sindiran Berhad; and PK Agro
01:12 Industrial Products, Sindiran Berhad.
01:15 Speaking at a press conference, Iskandar labelled cartels as "supreme evil" perpetrating economic
01:21 sabotage against consumers.
01:23 (upbeat music)