Conglomerate Press Corporation Limited (PCL) has advised local companies to be proactive in complying with the country’s competition laws.
Some of the laws include Competition and Fair Trading Act (CFTA) and the Consumer Protection Act (CPA).
PCL group operations executive John Biziwick said this during a competition law compliance workshop co-organised by Malawi Stock Exchange (MSE)-listed PCL and Competition and Fair Trading Commission (CFTC) in Lilongwe this week.
He said in a statement made available to The Nation companies have to take a leading role in sensitising its members of staff about the laws governing competition and fair trading in Malawi to ensure effective compliance.
The compliance programme aims to reduce the risk of infringing the country’s competition rules, and ensure that commercial agreements and arrangements are structured in a manner that minimises potential competition concerns.
CFTC director of mergers and acquisitions Richard Chiputula asked companies to implement the programme, saying it is an investment which has numerous advantages.
“This saves government’s as well as company’s resources by avoiding investigations and litigation. We have received useful feedback and we are here to help in the implementation of the programme if any company is ready to take it up,” he said in the statement.
Similar compliance programmes for competition and consumer protection law have already been dones for TNM plc and Airtel Malawi and Medical Aid Society of Malawi (Masm).
The PCL compliance programme workshop was attended by about 30 top executives from all PCL subsidiaries.
Meanwhile, CFTC is running a series of compliance programme seminars for individual firms whose objective is to sensitise enterprises on the development of competition and fair trading compliance programme.
CFTC is also supporting them to put in place adequate measures to detect and address breach of competition and consumer protection law.