Minister of State Lee Yi Shyan appointed as Chairman of the Committee Against Profiteering

MINISTER OF STATE LEE YI SHYAN APPOINTED AS CHAIRMAN OF THE COMMITTEE AGAINST PROFITEERING

Minister of State for Trade and Industry Lee Yi Shyan has been appointed Chairman of the Committee Against Profiteering (CAP) with effect from 1 January 2007. He takes over the appointment from Mr Chan Soo Sen.

Fifteen other members have been appointed to the committee. The members comprise Members of Parliament, industry representatives and grassroots leaders. (Please refer to Annex for the list of committee members.)

The CAP was first set up in 1994[1] to look into complaints and feedback on profiteering or unjustified price increases using increases in the Goods and Services Tax (GST) as an excuse.

With Singapore’s open economy, market competition will generally serve as a check on excessive price increases. Organizations such as the Consumers Association of Singapore (CASE) also help to advance consumers’ interests by educating consumers, promoting an environment of fair and ethical practices, and investigating unscrupulous businesses and practices.

The CAP will complement the work of existing consumer organizations. It will focus on feedback concerning unjustified price increases attributed to the GST increase. The CAP will work closely with CASE, industry associations and grassroots organizations to look into complaints. It will also work with these bodies to promote good business practices with regard to the GST increase, and to educate the public so that consumers can choose to avoid patronizing errant businesses.

MINISTRY OF TRADE AND INDUSTRY
8 JANUARY 2007

[1] Formerly known as the Committee on Profiteering and Inflation.

 Annex

Composition of Committee Against Profiteering