{"id":2976,"date":"2021-07-26T14:41:06","date_gmt":"2021-07-26T14:41:06","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2"},"modified":"2021-07-26T14:40:48","modified_gmt":"2021-07-26T14:40:48","slug":"cftc-fines-banks-20-companies-for-unfair-trading-practices-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2","title":{"rendered":"CFTC fines Banks, 20 companies for unfair trading practices"},"content":{"rendered":"

Africa-Press<\/a> – Malawi<\/a>. <\/strong><\/span>State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that affect competition and fair-trading, has fined imposed a K500, 000 on each of the 20 companies found guilty of contravening fair trading practices in the country.<\/p>\n

The 20 are among the 61 companies the Commission has been investigating of which 56 were confirmed to have violated the consumer rights through one malpractice or the other.<\/p>\n

The Commission\u2019s Acting Executive Director, Apoche Itimu, told journalists on Monday during an update for their last quarter\u2019s investigations and determinations that the remaining companies contravened competition business practices.<\/p>\n

\u201cFollowing complaints from consumers, we conducted investigations, the Commission determined fines according to the financial gains of the company,\u201d she said. The 1998 CFTC Act provides a K500,000 fine or a representation of a company\u2019s financial gain.<\/p>\n

According to the statistics, she said, the majority of the companies fined were those who practiced unfair trading by either overcharging, misleading labels and underweight like in bags of farm inputs among others.<\/p>\n

Itimu added that the Commission also charged fines to banks like First Capital Bank and Ned Bank after receiving complaints from customers whose accounts were tampered and their funds disappeared.<\/p>\n

These banks, she said, were charged K500, 000 as a fine and another K500, 000 to the account\u2019s owner with a full refund of his money. However, the Board of Commissioners will meet again in August to determine what the Commission investigated in the last quarter of May to August.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that affect competition and fair-trading, has fined imposed a K500, 000 on each of the 20 companies found guilty of contravening fair trading practices in the country. The 20 are among the 61 companies the Commission has […]<\/p>\n","protected":false},"author":84,"featured_media":2975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,25,8],"tags":[233,371,1198,1335,234],"class_list":["post-2976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-featured","category-homepage-english","tag-africa-press","tag-africa-press-malawi","tag-apoche-itimu","tag-competition-and-fair-trading-commission","tag-malawi"],"yoast_head":"\nCFTC fines Banks, 20 companies for unfair trading practices - Malawi<\/title>\n<meta name=\"description\" content=\"State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC fines Banks, 20 companies for unfair trading practices\" \/>\n<meta property=\"og:description\" content=\"State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T14:41:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"830\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CFTC fines Banks, 20 companies for unfair trading practices\",\"datePublished\":\"2021-07-26T14:41:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\"},\"wordCount\":257,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Apoche Itimu\",\"Competition and Fair Trading Commission\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\",\"Featured\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\",\"name\":\"CFTC fines Banks, 20 companies for unfair trading practices - Malawi\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg\",\"datePublished\":\"2021-07-26T14:41:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that a ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg\",\"width\":720,\"height\":830,\"caption\":\"CFTC fines Banks, 20 companies for unfair trading practices\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/malawi\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CFTC fines Banks, 20 companies for unfair trading practices\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/\",\"name\":\"Malawi\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CFTC fines Banks, 20 companies for unfair trading practices - Malawi","description":"State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that a ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2","og_locale":"en_US","og_type":"article","og_title":"CFTC fines Banks, 20 companies for unfair trading practices","og_description":"State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that a ...","og_url":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2","og_site_name":"Malawi","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2021-07-26T14:41:06+00:00","og_image":[{"width":720,"height":830,"url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"CFTC fines Banks, 20 companies for unfair trading practices","datePublished":"2021-07-26T14:41:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2"},"wordCount":257,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg","keywords":["Africa Press","Africa Press-Malawi","Apoche Itimu","Competition and Fair Trading Commission","Malawi"],"articleSection":["all news","economy","Featured","homepage-english"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2","url":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2","name":"CFTC fines Banks, 20 companies for unfair trading practices - Malawi","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg","datePublished":"2021-07-26T14:41:06+00:00","author":{"@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"State-funded Competition and Fair Trading Commission (CFTC), a statutory institution to regulate and monitor acts that a ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#primaryimage","url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg","contentUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/07\/img-60fec92855cc4.jpg","width":720,"height":830,"caption":"CFTC fines Banks, 20 companies for unfair trading practices"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/cftc-fines-banks-20-companies-for-unfair-trading-practices-2#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/malawi\/"},{"@type":"ListItem","position":2,"name":"CFTC fines Banks, 20 companies for unfair trading practices"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/malawi\/#website","url":"https:\/\/www.africa-press.net\/malawi\/","name":"Malawi","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/2976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/comments?post=2976"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/2976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media\/2975"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media?parent=2976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/categories?post=2976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/tags?post=2976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}