Monday 27 May 2024
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KUALA LUMPUR (April 3): Padiberas Nasional Bhd (Bernas), Puspakom Sdn Bhd, Pharmaniaga Bhd and My E.G. Services Bhd are being scrutinised by a cabinet committee on monopolies, according to domestic trade and consumer affairs minister (KPDNKK) Datuk Seri Saifuddin Nasution Ismail.

Recommendations made by the committee have yet to be submitted to the cabinet, Saifuddin told reporters at a luncheon talk hosted by MIDF Amanah Investment Bank Bhd today.

He added that there were three elements to consider in assessing monopolies, namely whether the policies that allowed for the creation of these monopolies are still relevant, the size of their investments and the economic impact of potentially dismantling them.

"Monopolies are not necessarily bad, but the ones that are bad are those that are inhibiting their competitors, manipulating prices and controlling supply," Saifuddin said.

The cabinet committee, which was established last year, is chaired by Economic Affairs Minister Datuk Seri Azmin Ali and includes ministers of the Transport Ministry, Agriculture and Agro-Based Industry Ministry, Health Ministry and KPDNKK.

The committee will continue to look at other businesses which are monopolistic that fall under their respective ministries, Saifuddin said.

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