News Formal

MyCC slaps fines on seven companies for bid-rigging cartel

  • 📰 staronline
  • ⏱ Reading Time:
  • 19 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 75%

Corporate News News

Mycc,Bid-Rigging,Cartel

His was a life of dedicated service and song.

PETALING JAYA: The Malaysia Competition Commission has fined seven companies a combined sum of RM446,092.95 for participating in a bid-rigging cartel involving tenders from the Defence Ministry between 2017 and 2020.The companies involved include Agenda Eksklusif Sdn Bhd , Star Apex Enterprise , Nekad Waja Resources , Spectron Sdn Bhd , Teknokrat Makmur Enterprise , Prospectrum Sdn Bhd , and NK Panorama Enterprise .

AESB was identified as the key player in one of the cartels, actively orchestrating the bidding strategies in all four tenders.SAE was fined RM109,701.11, and SSB, RM43,889.92, while the remaining companies were given smaller fines. MyCC chief executive officer Iskandar Ismail said that bid-rigging cartels have long undermined public procurement, wasting public funds.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Natural resources board fines company over Balai Ringin logjam in Sarawak, orders immediate river cleanupKUCHING, Sept 3 — The company responsible for the activities causing the logjam and floating debris in Balai Ringin has been penalised for its violations, said Natural Resources...
Source: malaymail - 🏆 1. / 86 Read more »