Govt to table Companies Act amendment bill in October

 

Armizan Ali said the amendments will enable companies to comply with good governance practices in a transparent and accountable manner.

PETALING JAYA: The government will table a bill to amend the Companies Act 2016 in the Dewan Rakyat in October, says Armizan Ali.

The acting domestic trade and cost of living minister said the bill, which went through 13 rounds of engagements, has been approved by the Attorney-General’s Chambers.

“God-willing, there are a couple of loose ends to tie up before we put it forward for debate. If there are no issues, we hope to table the bill this October,” he said, according to Berita Harian.

Ads by Kiosked

He said the bill has two aims, firstly to strengthen the corporate rescue mechanism provisions in order to help companies facing financial hardship.

Secondly, he said the bill aims to ensure companies comply with international reporting standards and requirements on beneficial ownership.

He said under the proposed law, companies will be tasked with submitting reports to the Companies Commission of Malaysia on beneficial ownership.

“We want companies to comply with good governance practices in a transparent and accountable manner.

“This step will help enforcement agencies and auditors in their investigations when dealing with individuals who use corporate entities as a cover to engage in criminal activities,” he said after a CCM event in Johor. - FMT