SEREMBAN: Econsave Cash and Carry superstore was the first company in Negri Sembilan charged under the Price Control and Anti-Profiteering Act 2011.
The company based in Seremban Forest Heights, was fined RM40,000 by the Session Court today for making unreasonably high profit through the sales of raw coconut milk.
Judge Hakim Madinah Harullah handed down the sentence when the company’s Seremban branch manager Fuad Ramli pleaded guilty after the court interpreter read out the charge.
According to amended charge, Econsave Cash and Carry Sdn Bhd raised the price from RM3.50 to RM4.89 per 500 grammes on Apr 5 this year.
As such, the company failed to comply with Rule 2(2) of the Price Control and Anti-Profiteering (Mechanism for Determining Unreasonably High Profits) (Net Profit Margin) Regulations 2014.
The company was charged under Section 14 (1) of the Price Control Anti-Profiteering Act 2011, punishable under Section 18 (a) of the same Act which carried a maximum fine of RM500,000 and RM1 million for the second and subsequent offences, upon conviction.
Deputy public prosecutor from the domestic trade, cooperatives and consumerism ministry Zaileen Nadia Zubir appeared for prosecution while Econsave Cash and Carry Sdn Bhd was represented by Aerie Rahman.