PUTRAJAYA (June 1, 2010): In a move that may fuel further speculation of impending price hikes, the government today announced tougher measures to prevent hoarding of three controlled items -- sugar, palm-oil based cooking oil and wheat flour.
Retailers must now apply for a yearly licence, a practice that was introduced in the border areas last year.
Also, suppliers and retailers found hoarding sugar will no longer be allowed to compound their offence but will instead be charged under the Supply Control Act. The penalty is a maximum fine of RM100,000 or three years jail for individuals and a maximum of RM250,000 for companies.
Both measures take immediate effect, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said yesterday.
