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5 Companies Fined a Total of RM415 Million For Forming a “Chicken Feed Cartel”

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Cartel Chicken Feed
Source: Iskandar Ismail l Twitter & Oleksandr P l Pexels

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Cartels are bad for the local economy, and just recently, 5 companies were fined by the Malaysia Competition Commission (MyCC) for establishing a “chicken feed cartel.”

It is said that the companies had failed to comply with Section 4(1) of the Competition Act 2010 (Act 712) by creating a chicken feed cartel, reported ASTRO AWANI.

MyCC has investigated the companies from January 2020 to March 2022 and found proof of this in the price announcements, price patterns, and communication among management.

It is said that the 5 companies used similar strategies to cite an increase in the price of raw materials, which, in turn, caused the cost of chicken feed to rise.

Chicken Feed Cartel

WhatsApp conversations and phone logs were also found during the investigations, indicating constant back and forth between the companies.

The companies were asked to stop participating in the chicken feed cartel and to give a report on the rise and decline of chicken feed prices.

MyCC Chief Executive Officer Iskandar Ismail says that cartels are the most evil being in the laws of competition, and it is a sabotage of the economy at the highest level.

“We are still looking into the chicken industry after the government had stopped the subsidy and chicken price control. We hope that this case will stop anyone from forming cartels in the future.”

He added that they will continue destroying cartels without feeling afraid or biased.

Mycc Iskandar Ismail

With the rise of chicken feed prices, it’s no wonder that prices of chicken rose as well. We hope the government will continue investigations into the other types of cartels.

 

What do you think of this? Let us know in the comments.

 

Also read: Electricity Tariff Will Increase Starting 1 Jan 2024, Only 15% of Domestic Consumers Affected

Feat Image Electricity Bill Hike

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