8 February, 2018
On 21 December 2017, the Singapore Competition Commission (CCS) published a consultation on proposed changes to the Competition Act. The proposed changes would:
- codify the process of providing confidential advice to businesses for anticipated mergers, which would provide more certainty to businesses and stakeholders
- enable businesses under investigation to offer legally binding commitments to address any anti-competitive conduct
- make CCS's evidence-gathering and investigation process more efficient, thereby minimizing any potential disruption to businesses
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On 5 January 2018, the CCS issued an infringement decision against five manufacturers of aluminium electrolytic capacitors (AECs) for engaging in price-fixing, and the exchange of confidential sales, distribution and pricing information. The CCS imposed a total fine of more than SGD 19.5 million (approx. USD 14.7 million): the highest total fine to date in Singapore for competition law infringement. According to its decision, the CCS commenced its investigation after receiving an application for immunity by one of the manufacturers involved in the cartel (Panasonic). The CCS also awarded a discount in penalties to ELNA, Rubycon and SCC.
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For further information, please contact:
Melissa Healy, Local Principal, Baker McKenzie.Wong & Leow
melissa.healy@bakermckenzie.com
