MyCC fines Lonpac Insurance for alleged Competition Act infringement

MyCC fines Lonpac Insurance for alleged Competition Act infringement

The Edge Markets - Malaysia·2020-09-30 13:26

KUALA LUMPUR (Sept 30): The Malaysia Competition Commission (MyCC) has imposed a financial penalty of RM5.91 million on LPI Capital Bhd's wholly-owned subsidiary Lonpac Insurance Bhd for alleged infringement of the country's Competition Act 2010.

In a Bursa Malaysia filing today, LPI said MyCC has alleged that Lonpac together with 21 other members of Persatuan Insurans Am Malaysia (PIAM) have infringed the Competition Act 2010 "by participating in an agreement which has, as its object, the prevention, restriction or distortion in relation to the market of motor spare parts trade and labour charges for PIAM Approved Repairers Scheme".

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