The newly appointed Chief Executive Officer for Competition and Fair Trading Commission (CFTC) Llyods Vincent Nkhoma has disclosed that he will strive to burst market cartels saying they affect the principles of fair trading.
Nkhoma made the remarks during an interface he held with journalists in Blantyre.
Nkhoma said the trading environment in the country is infested with deep-rooted cartels that continue impacting negatively on tenets of competition and fair trading.
“In this country more of the production and supply sectors are concentrated and prone to cartel conduct such as price fixing, bid rigging, and other vices. We are therefore banking hope in the review of the CFTC Act which is at an advanced stage to level the playing field,” explained Nkhoma.
Lloyds Vincent Nkhoma is not new at CFCT as he was among the officers that were seconded by the Ministry of Trade to lay a solid foundation during the early years of CFTC.
He joins the commission with vast knowledge of competition and fair trading as he worked with COMESA and he serves as a board member there.
Competition and Fair Trading Commission among others address anti-competitive business practices as well as unfair trading practices that have detrimental effects on consumers.
Reported by Chisomo Brake, MBC Online Services.