SSM gives 80% reduction in fines for limited period

The Companies Commission of Malaysia is offering the discount from Nov 1-Dec 31.

KUALA LUMPUR: Companies and directors issued with compound notices by the Companies Commission of Malaysia (SSM) will get 80 per cent discounts from November 1 to December 31, 2014.

In a statement on Friday, the Commission said the discounts were for compound notices issued under the Companies Act 1965 for 2013 and below.

“The announcement, made by Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Hasan Malek, aims to help reduce the cost of compliance by the companies and directors.

“With this incentive, we hope to increase the level of compliance and promote a healthy management culture,” it said.

The commission also said the culprits could pay the fines at any SSM counter by bringing the compound notices.

The fine will be reduced without having to appeal, it said. – BERNAMA