Many firms fail to submit proper reports to commission


TAWAU: Many companies in the country pay no attention to submitting their annual written and accounts reports to the Companies Commission of Malaysia (CCM) due to management problem and staffing reasons.Its officer-in-charge from Kota Kinabalu, Ng Ling Chee, said a total of 970,800 compounds valued at RM4,897,750 have been issued to the companies throughout this district from 2006 until last year.

They violated the Company Act. He said only RM921,340 have been paid and the outstanding amount is RM847,405.

Before the compound was issued, CCM sent out 2,632 notices to the companies and 1,386 of the notices have been paid while 752 notices worth RM834,905 haven’t been paid.

CCM have also received 1,614 appeal notices involving RM1,736,755 and 678 of them worth RM1,423,450 have been cancelled.

In Kota Kinabalu, the number of compounds was higher than Tawau.

Some 12,510,790 compounds were issued and RM2,997,610 have been paid. She gave a talk on Company Act to the members of Tawau Chinese Chamber of Commerce here yesterday afternoon.

“CCM is responsible to assist the government to ensure all the business companies in the country of Malaysia have standard operation without become a ‘sleeping company’.

We really hope every company could obey the Company Act and submit their annual written and accounts reports on time.

“There are about 6,000 registered companies in Tawau, Kunak and Lahad Datu and 2,000 failed to abide by the Company Act which has more than 300 sections.

“We also encourage companies with no business or have failed to close down by filling the S308(1) form and paying RM120 processing fee.

The process would take about eight months,” Ng pointed out.

According to her, CCM is struggling to ensure that 100 per cent of the companies in Malaysia would abide by the act in the future. CCM’s work will also be transparent by having an e-info website for public reference.

Foreigners can also use it to get information.