SSM to offer big discounts on compounds

PUTRAJAYA: The Companies Commission of Malaysia (SSM) will offer discounts up to 90% for the settlement of compounds imposed on registered corporations from Jan 1 to April 30 next year.

Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail said on Dec 9 that the discount offer only applies to compounds issued for offences stipulated under the Companies Act 1965 and 2016.

The offences include the failure, among others, to file annual returns; prepare, circulate and submit financial statements; hold annual general meetings (for public companies); respond to SSM notices and failure to present financial statements, he said.

Saifuddin also witnessed the signing of a memorandum of understanding between the Malaysia Competition Commission (MyCC) and Monash University Malaysia, Brickfields Asia College and the Malaysian Institute of Economic Research.

He said the collaboration is to develop MyCC’s education and research activities as well as its advocacy programmes.

It is also to strengthen the implementation of the Competition Act 2010 to better ensure healthy competition processes for businesses and consumers, he said. – Bernama

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