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9th September, 2010
KOTA KINABALU: The Sabah Malay Chamber of Commerce (DPMM) Sabah has proposed that Companies Commission of Malaysia (CCM) to de-register private limited companies that are no longer active.
Its president, Datuk Awang Buhtamam Ag Mahmun (pictured) said where possible, companies which did not submit annual reports and audited accounts for at least two years ought to be de-registered.
“This is to ensure that especially directors of companies that are no longer active do not face problems such as being fined or declared bankrupt for not submitting minutes of meeting and audited accounts to the CCM,” he said.
He said many company directors especially bumiputera directors faced problems such as being declared bankrupt because their companies did not submit annual reports and audited accounts to CCM although the companies concerned were no longer active.
Awang Buhtamam said some of these companies were set up with the intention of bidding for projects and when they failed to obtain business, the companies became inactive.
Under the Companies Act 1965, a company faces a fine automatically if it fails to submit its annual report and audited accounts together with minutes of meeting, he added.
“We also request CCM to hold another amnesty programme in Sabah to de-register inactive companies. This is to enable such companies to be wound up without incurring any fees,” he said.
He hoped CCM could find a suitable approach in the amnesty programme to de-register inactive companies without imposing any fine.
Awang Buhtamam also called on banking institutions to have confidence in Bumiputera companies when giving out business loans.
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