5 companies fined RM415mil for forming ‘chicken feed cartel’

Free Malaysia Today

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/  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   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: http://bit.ly/2Rn6xEV Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on Twitter: http://bit.ly/2OCwH8a  Follow FMT on Instagram: https://bit.ly/2OKJbc6 Follow FMT on TikTok : https://bit.ly/3cpbWKK Follow FMT Telegram - https://bit.ly/2VUfOrv Follow FMT LinkedIn - https://bit.ly/3B1e8lN Follow FMT Lifestyle on Instagram: https://bit.ly/39dBDbe ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #ChickenFeed #Cartel #CompetitionAct

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)

Transcript

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