KUALA LUMPUR (Nov 28): The Dewan Rakyat has passed the Companies (Amendment) Bill 2023 to ensure the corporate sector remains competitive, provides job opportunities and contributes to the country’s economic growth.

Deputy Minister of Domestic Trade and Cost of Living Fuziah Salleh said the Bill was necessary to ensure the corporate sector in Malaysia is protected from being misused for serious criminal purposes that hide behind business entities.

“This is the essence of the Companies (Amendment) Bill 2023,” he said while concluding the debate on the Bill in the Dewan Rakyat on Tuesday.

The Bill aims to amend the Companies Act 2016 (Act 777) covering clauses one to 31 with the main purpose of improving the existing provisions relating to the corporate governance framework, compromise schemes or arrangements and corporate rescue mechanisms.

In addition, the amendment also aims to include new provisions related to the reporting framework and disclosure of beneficial ownership information.

Fuziah said a briefing on the Bill had been given to the Special Select Committee on Domestic Trade, Entrepreneurship, Cost of Living and Agriculture on Oct 24, 2023, and as a result of the research, the committee had agreed and recommended that the bill be presented for Parliament’s approval.

“The committee has released a statement about the matter on Nov 8, 2023,” he said.

The Dewan Rakyat session continues on Wednesday (Nov 29).

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