CFTC Slap 20 Companies With A Sum Of MK11 Million
According to the Competition and Fair-Trading Commission (CFTC), 61 companies were investigated on allegations that they were involved in unfair trading practices.
Out of the 61, 20 have been found guilty and fined K500,000 each while others had varied fines and some had their cases dismissed.
The companies that have been fined include First Capital Bank, Kulima Gold, Castel Malawi, Speedy Foods, Blantyre Diary, Capital Foods Limited, Agora Limited, Malawi Fertilizer Company, Lime Co, Maula Pharmacy, D&T Fabrics, Dimakis Chicken Limited, Zoona Transaction Limited among others.
CFTC Acting Executive Director Apoche Itimu says they will continue upholding the rights of consumers.
“We are guided by archaic laws that need to be reviewed. The laws were implemented in the 1990s when a maximum charge of K500, 000 was indeed deterrent but not now,” said Itimu
On overpricing of cooking oil, Itimu says the commission will make its findings public in August.
“We will submit the outcome of our investigations to the Board of the Commission this August and later make them public to Malawians” added Itimu
Meanwhile, Consumers Association of Malawi CAMA Executive Director John Kapito says the findings are only a tip of an iceberg in as far violation of consumer rights is concerned
“Of late banks have had punitive deductions that inflict rights of Malawian consumers. This needs to be investigated outright and protect Malawians,” said Kapito.
CFTC was constituted by an act of Parliament to regulate, monitor, control, prevent acts or behaviors which are likely to adversely affect competition and fair trading.