CFTC engages ACB to curb anti-competitive practices

Post was last updated: July 20, 2018

BY AUDREY KAPALAMULA:

The Competition and Fair Trading Commission (CFTC) has signed a Memorandum of Understanding (MoU) with the Anti-Corruption Bureau (ACB) to fight anti-competitive business practices in the country.

The MoU would see the two agencies cooperating in investigating and determining cases and sharing expertise, on among other elements, collusive tendering and bid-rigging in contract negotiations.

CFTC Executive Director, Charlotte Malonda, said fraud and corruption remain threats to a fair and competitive business environment.

She said the commission does not have the legal mandate to look into corrupt cases, hence, the partnership.

“ACB has the legal mandate and technical expertise to intervene in corruption cases. We believe that this working arrangement will improve our capacity. We are going to be working together when there is an overlap between the core functions of the commission and the bureau,” she said

ACB Director General, Reyneck Matemba rated the partnership as significant.

“We thought we could come together so that we are able to deal with these issues,” Matemba said

He said the MoU is part of their strategy to deal with corruption in both public and private sectors.

Let us know what you think of this update and remember to add us on our facebook and follow us on our twitter. Make sure to come back daily for more Malawi business news updates.

Quick Links: Malawi Banking News | Malawi Technology News | Download Business eBooks | Ten Signs You Are An Entrepreneur | What is a Managing Director?

Today’s top business story: Top Commercial Banks In Malawi

Source link