MyEG to appeal after High Court upholds MyCC's decision on abuse of market position

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KUALA LUMPUR (Jan 24): MY E.G. Services Bhd (MyEG) said today it will be filing an appeal to the Court of Appeals against a recent decision made by the High Court here, which had upheld the Malaysia Competition Commission (MyCC) judgement to slap a penalty of RM9.34 million on the e-government services provider for abusing its dominant position.

"We will be filing for a stay in the daily penalty and we will be filing an appeal to the Court of Appeals immediately," it told Bursa Malaysia today.

In an earlier statement today, MyCC said the Kuala Lumpur High Court had on Jan 22 upheld the commission's decision on June 24, 2016 against MyEG and its wholly-owned subsidiary MYEG Commerce Sdn Bhd for infringing the Competition Act 2010.

The penalty comprises a financial penalty of RM307,200 and daily penalties from Oct 7, 2015 to Jan 22, 2019, amounting to RM9.03 million.

MyEG is also liable for a daily penalty of RM7,500 per day until it complies with the directives imposed by MyCC in its decision.

MyEG shares closed 2 sen or 1.96% lower at RM1 today, with 49.56 million shares done, giving a market capitalisation of RM3.61 billion.