Domestic trade and consumer affairs minister Alexander Nanta Linggi said unlike other countries, Malaysia’s Competition Act 2010 does not give power to MyCC to control mergers and acquisitions of companies which could then lead to the creation of a monopolistic entity in the country.

With the amendments, Alexander said any merger or acquisition of companies will require prior approval of the MyCC, a move to prevent market concentration that could jeopardise the market.

“Companies that merged without approval can be ordered to demerge and can also be fined,” he said in a statement today in response to the suggestions by PKR MPs Nurul Izzah Anwar and Wong Chen for the competition law in the country to be reviewed based on the monopolistic practices of certain companies.

The minister said the MyCC, the ministry’s agency overseeing the enforcement of the Act to protect the process of competition in the commercial market and ensure a conducive culture of competition, is planning to table the amendments to the Act by the end of this year.

Alexander said MyCC had also taken action against several companies, such as MyEG Services Bhd, DagangNet Technologies Sdn Bhd, Malaysia Airlines Bhd and AirAsia Bhd, after finding them violating the competition regulations, either through agreements, a cartel, abuse of dominant power or a monopoly.

So far, he said MyCC has taken action against these companies by imposing fines of more than RM160 million.

In October 2019, MyCC had also looked into the matter involving Grab, which was alleged to have abused its dominant position in the market.

The final decision on the matter will be made after hearing and studying Grab’s submissions on the matter.

Grab had also challenged MyCC’s decision in the case at the Court of Appeal.