Latest news with #CompetitionAct2004
Business Times
9 hours ago
- Business
- Business Times
CCCS okays Tamarind Health's proposed acquisition of TalkMed
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) has cleared Tamarind Health's proposed acquisition of tertiary healthcare service provider TalkMed Group on Friday (Jun 27). The competition watchdog assessed that the proposed transaction will not substantially lessen competition within the Singapore market. TW Troy, a special purpose vehicle managed by Tamarind Health, proposed to privatise mainboard-listed TalkMed by way of scheme of arrangement, at S$0.456 per share, on Dec 23, 2024. CCCS said it commenced its review on Jan 13 to see whether the proposed privatisation would infringe Section 54 of the Competition Act 2004, which prohibits mergers that may substantially lessen competition. It conducted a public consultation from Jan 21 to 31, seeking feedback from stakeholders such as the involved parties' competitors and insurance service providers. Based on its assessment of the parties' submissions and third-party feedback, CCCS concluded that the proposed transaction is unlikely to substantially lessen competition in Singapore in relation to the supply of private medical oncology services. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Medical oncology refers to the field of medicine that deals with the treatment of cancer primarily with drugs, such as chemotherapy. CCCS reasoned that patients can choose alternative providers of medical oncology services in both public and private sectors in Singapore, limiting the impact of the proposed merger. Furthermore, it added that any increase in the parties' market power upon the proposed transaction would likely be constrained by insurers – who play a 'significant role' in affecting how patients select and finance private medical oncology services – as well as the regulatory framework governing the healthcare sector in Singapore. Tamarind is a pan-Asian oncology-focused group headquartered in Singapore. It is controlled by alternative asset manager Templewater and its affiliates. As part of the deal, 65 Equity Partners, a Singapore-based global investment firm backed by Temasek, will subscribe for shares in Tamarind Health through its local enterprise fund. After the transaction, 65 Equity Partners will hold about 18.3 per cent of the voting interest in Tamarind Health, while doctor shareholders will hold about 31.3 per cent. Shares of TalkMed closed flat at S$0.45 on Friday, before CCCS' announcement.
Singapore Law Watch
26-05-2025
- Business
- Singapore Law Watch
Competition watchdog fines two contractors S$4.6 million for rigging People's Association tenders
Competition watchdog fines two contractors S$4.6 million for rigging People's Association tenders Source: Business Times Article Date: 24 May 2025 Author: Therese Soh Trust-Build Engineering & Construction and Hunan Fengtian Construction colluded in tenders worth S$56m. Two contractors found to have engaged in bid-rigging for public-sector tenders were dealt fines totalling S$4.6 million from the Competition and Consumer Commission of Singapore (CCCS). Trust-Build Engineering & Construction (TB) was fined around S$4.3 million, and Hunan Fengtian Construction (HNFT) was fined S$349,350, CCCS said in a Friday (May 23) statement. Investigations showed that the two had colluded to rig tenders relating to construction projects at three community clubs in Bukit Batok, Cheng San and Eunos. The total value of the tenders, which the People's Association (PA) called for in 2022, was around S$56 million. While neither party was awarded any of the tenders, the competition watchdog found that their conduct 'eliminated the competitive pressure between the parties to submit their best offers to PA'. CCCS said: 'Even though none of the PA tenders were awarded to either of the parties... such bid-rigging conduct has the potential to give the false impression that the bids received from the parties were genuine and competitive.' The bid-rigging involved HNFT preparing TB's tender submissions and proposing TB's bid prices for each PA tender. HNFT purported to compete against TB for the tenders, despite being aware of TB's likely bid prices and the contents of TB's tender submissions. 'Consequently, TB and HNFT did not independently determine their respective bids for the PA tenders. This undermined a fundamental principle of competition law, which is that businesses must act independently when determining their conduct on the market,' CCCS added. The investigations began in July 2023, with raids carried out at both parties' businesses in November of that year. The CCCS procured evidence from sources, including both contractors' personnel, that revealed three instances of bid-rigging. As part of the legal process under the Competition Act 2004, CCCS in October 2024 issued the parties a written notice setting out the basis for its decision. The competition watchdog said each party submitted written representations, which it considered before deciding to issue the infringement decision. As the PA had flagged the potential bid-rigging to CCCS before the tenders were awarded, both TB and HNFT were excluded from the tender evaluations. In imposing financial penalties, the CCCS considered factors including each party's relevant turnover, the nature and seriousness of the infringement, as well as aggravating and mitigating factors. CCCS chief executive Alvin Koh said: 'CCCS emphasises that bid-rigging undermines fair competition, distorts the regular operation of market forces, and prevents customers from obtaining genuine and competitive offers. In the context of public procurement where public funds are used, taxpayers are the ones who ultimately pay the price of such infringing conduct.' Koh added that the CCCS offers a leniency programme that allows parties involved in bid-rigging to come forward with information about the anti-competitive conduct in question, and receive a full waiver or substantial reduction in financial penalties. Individuals with information on cartel activity in Singapore who provide such information to the CCCS may receive monetary rewards of up to S$120,000 under its whistle-blowing scheme, he said. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
Business Times
23-05-2025
- Business
- Business Times
Competition watchdog fines two contractors S$4.6 million for rigging People's Association tenders
[SINGAPORE] Two contractors found to have engaged in bid-rigging for public sector tenders received fines totalling S$4.6 million from the Competition and Consumer Commission Singapore (CCCS). Trust-Build Engineering and Construction (TB) was fined around S$4.3 million and Hunan Fengtian Construction (HNFT) was fined S$349,350, CCCS said in a Friday (May 23) statement. Investigations showed that the two had colluded to rig tenders relating to construction projects at three community clubs in Bukit Batok, Cheng San and Eunos. The total value of the tenders, which the People's Association (PA) called for in 2022, was around S$56 million. While neither party was awarded any of the tenders, the competition watchdog found that their conduct 'eliminated the competitive pressure between the parties to submit their best offers to PA'. 'Even though none of the PA tenders were awarded to either of the parties... such bid-rigging conduct has the potential to give the false impression that the bids received from the parties were genuine and competitive,' the competition watchdog noted. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The bid-rigging involved HNFT preparing TB's tender submissions and proposing TB's bid prices for each PA tender. HNFT purported to compete against TB for the tenders despite being aware of TB's likely bid prices and the contents of TB's tender submissions. 'Consequently, TB and HNFT did not independently determine their respective bids for the PA tenders. This undermined a fundamental principle of competition law, which is that businesses must act independently when determining their conduct on the market,' CCCS added. The investigations began in July 2023, with raids carried out at both parties' businesses in November of that year. The CCCS procured evidence from sources, including both contractors' personnel, that revealed the three instances of bid-rigging. As part of the legal process under the Competition Act 2004, CCCS in October 2024 issued the parties a written notice setting out the basis for its decision. The competition watchdog said it received written representations from each party, which it carefully considered before deciding to issue the infringement decision. As the PA had flagged the potential bid-rigging to CCCS before the tenders were awarded, both TB and HNFT were excluded from the tender evaluations. In imposing financial penalties, the CCCS considered factors including each party's relevant turnover, the nature and seriousness of the infringement, as well as aggravating and mitigating factors. CCCS chief executive Alvin Koh said: 'CCCS emphasises that bid-rigging undermines fair competition, distorts the regular operation of market forces, and prevents customers from obtaining genuine and competitive offers. In the context of public procurement where public funds are used, taxpayers are the ones who ultimately pay the price of such infringing conduct.' Koh added that the CCCS offers a leniency programme that allows parties involved in bid-rigging to come forward with information about the anti-competitive conduct in question and receive a full waiver or substantial reduction in financial penalties. Individuals with information on cartel activity in Singapore who provide such information to the CCCS may receive monetary rewards of up to S$120,000 under its whistle-blowing scheme, he said.
