2023 has shown that the Competition regulators in Southeast Asia are a force to be reckoned with, taking a front-seat in the region. Six of the 10 countries now have robust merger regimes with several of the regulators clearly matured enough to tackle difficult transaction reviews, take them into Phase 2 reviews and considering remedies to try and meet parties some way so as to be able to close the merger. Nine of the 10 countries have robust behavioural competition laws, and cartel and abuse investigations have increased in the various countries, where some regulators have not hesitated to penalise individuals directly. An example of the former is the Trade Competition Commission of Thailand which released a detailed 145-page summary decision explaining its decision to approve the Bangchak / Esso merger. An example of the latter is how the Indonesia Competition Commission dealt with cases of bid rigging of road tenders, and in one of them imposed a penalty on an individual for their involvement in the bid rigging. We have in this Annual Report provided an overview of the trends in 2023 and highlighted updates from the final quarter of 2023. We do expect 2024 to be a year where competition issues will be ignored to businesses’ peril. Take a step back, take stock as you move forward. We stand ready to assist as always.
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