The Competition and Fair Trading Commission (CFTC) has fined Goodwill Funeral Services K68 million and NICO Life Insurance Company Limited K500 thousand for engaging in uncompetitive trade practices in funeral services business.
CFTC Acting Executive Director Apoche Itimu disclosed this during a media briefing in the capital Lilongwe.
Itimu said they received reports that the two films were engaged in anti-competitive conduct as a result of an agreement for group insurance cover that MASM entered with Nico Life.
It emerged that Nico Life restricted clients with MASM to only use Goodwill Funeral Services, to the detriment of some hence the complaint.
According to CfTC Acting Executive Director, Apoche Itimu, the fine on Goodwill is reflective of financial gains from the unfair trading practices.
However, she said it was difficult to calculate how much Nico Life gained hence the minimum fine of K500 000, pursuant to the law.
