KUALA LUMPUR: The Malaysia Competition Commission (MyCC) has maintained its finding of price-fixing infringement on Leong Hup International Bhd's wholly-owned subsidiary, Leong Hup Feedmill Malaysia Sdn Bhd (LFM).
In a filing with Bursa Malaysia today, the group said in its decision, MyCC has imposed a financial penalty of RM157.47 million on LFM, adding that it has received a notice of the decision issued by MyCC pursuant to Section 40 of the Competition Act 2010.
MyCC also maintained the proposed directions in the proposed decision, with notable modifications.
Accordingly, with respect to the submission of a report of poultry feed price changes to MyCC, LFM is required to include specific documentation in its monthly report with specific reporting periods and submission deadlines.
"LFM is also required to implement a competition law compliance programme and enrol employees into the said programme and training within a specified deadline.
"The company is also required to include a provision in its code of conduct to acknowledge that involvement of any employee or board member in competition law infringements is a misconduct," the group said.
However, the group strongly believe that MyCC's finding of infringement was without merit, and in consultation with its external legal counsels, it will take the necessary and appropriate actions to challenge the decision and apply for a stay, it added. - Bernama