Business

Megasteel not in breach of MyCC rule

After being cleared by MyCC, Megasteel has avoided a penalty of RM4.5 million.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — April 15, 2016: Megasteel Sdn. Bhd. has not breached a rule which it had earlier been accused of abusing its dominant position by charging or imposing a price for a product that amounted to a margin squeeze that caused anti-competitive effects in the market.

The Malaysia Competition Commission (MyCC) had on November 1, 2013, found Megasteel guilty of breaching the Competition Act. If guilty, a penalty of RM4.5 million was to be imposed by MyCC.

“The board of directors is pleased to announce that pursuant to a notice of finding of non-infringement from MyCC dated 15 April 2016, MyCC had determined that there is no infringement by Megasteel.

“In arriving at the non-infringement finding, MyCC had concluded that Megasteel did not abuse its dominant position nor practice margin squeeze in the relevant domestic markets.

“The above final decision was made after careful reassessment of the case with more detailed information obtained through written and oral representations submitted by Megasteel as well as further analysis made by MyCC.”

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