The Competition and Fair Trading Commission (CFTC) has ordered multiple companies to pay fines totalling K11 million and refunds of K2.9 million, for committing different offences.
CFTC acting executive director Apoche Itimu has told journalists in Lilongwe that the Commission considered a total of 58 cases, which included 50 cases of unfair trading practices and 8 cases of anti-competitive business practices.
According to Itimu, the Commission has among other companies, ordered Smile Life Insurance Company Limited, Trust Foods Company, First Capital Bank and Kalaria Hardware Centre to pay a fine of K500, 000 each for various offenses.
“What happens now is that once we have made our determinations we register them as High Court judgements because that’s what the law under Competition and Fair Trading Act provides
If the respondents do not comply with the order of the Commission we can enforce them as High Court judgments,” Itimu said.
The Commission has also ordered City Supermarket, Sana Cash & Carry Mega Store, Santa Plaza and Food Lovers Market (Blantyre) to pay a fine of K500, 000 each for supplying products which are likely to cause injury to health or physical harm to consumers.
CFTC held its 60th meeting in Salima on 26th November, 2021 to consider and adjudicate over cases under the Competition and Fair Trading Act (CFTA).
However, the Commission ordered closure of Smile Life Insurance Company Limited case saying that there there was no evidence of anti-competitive conduct.
