Latest news with #CompaniesCommissionofMalaysia
The Sun
25-05-2025
- Business
- The Sun
Bintai Kinden completes regularisation, lays foundation for future growthj
PETALING JAYA: Bintai Kinden Corporation Bhd, a mechanical and electrical (M&E) engineering services specialist, construction contractor, medical device manufacturer and facilities operator, has announced its financial results for the fourth quarter and the financial year ended March 31, 2025, alongside the successful completion of its proposed regularisation plan, a significant milestone towards the company's recovery and future growth. For Q4'25, Bintai Kinden posted revenue of RM7.52 million, compared to RM7.63 million in Q4'24, primarily due to a decline in contributions from the M&E engineering segment following the termination of several legacy contracts. The construction segment, which has been reclassified in line with the company's strategic diversification, contributed RM2.5 million or 33.2% to total revenue. The concession segment remained a stable revenue base, contributing RM3.55 million for the quarter. The group said it remained focused on reinforcing its operational foundations and implementing strategic improvements to support long-term sustainability. However, for Q4'25, the group recorded a loss before tax of RM31.55 million, in contrast to a profit before tax of RM10.85 million in the previous financial year. The loss was primarily driven by a combination of elevated expected credit losses and several significant non-recurring items. These included a substantial provision for back-charges arising from the termination of previously awarded contracts, the reversal of a profit guarantee, and the recognition of fair value expenses related to share options granted to a director. While these one-off items have had a material impact on Bintai Kinden's financial performance for the year, they are not expected to persist in future periods. The group continues to take decisive steps to mitigate risk exposures, improve financial discipline, and restore profitability through enhanced operational efficiency and better cost management. Managing director cum CEO Datuk Tay Chor Han said, 'FY2025 has been a year of strategic reset for the group. While our financial performance reflects the challenging transition period, we are encouraged by the progress made in our diversification into the construction segment, and the continued stability of our concession business. Most importantly, the successful completion of our proposed regularisation plan lays a solid foundation for recovery. With improved financial discipline, a leaner capital structure, and stronger shareholder support, we are well-positioned to pursue our growth agenda moving forward.' The company confirmed the completion of its proposed regularisation plan. Following the successful listing of new placement shares on March 24 and the receipt of confirmation from the Companies Commission of Malaysia dated May 21 on the effectiveness of the proposed share capital reduction, Bintai Kinden's regularisation efforts are now deemed completed. This marks a critical step towards its eventual upliftment from Practice Note 17 status, subject to further regulatory review. Looking ahead, Bintai Kinden will continue to focus on project execution, strategic tendering, and disciplined cost management. With a construction order book of about RM127.3 million, M&E order book of about RM4.5 million and RM181.8 million worth of M&E-related tenders under evaluation, Bintai Kinden said it is poised to strengthen its position in Malaysia's recovering construction and engineering sectors.
New Straits Times
23-05-2025
- Business
- New Straits Times
SSM defends beneficial ownership data restrictions, citing national security and privacy
KUALA LUMPUR: The Companies Commission of Malaysia (SSM) has clarified that the decision to restrict public access to beneficial ownership (BO) data under newly enforced regulations was made in line with international best practices and national security interests. In a statement today, the commission said the move aimed to strike a balance between corporate transparency, personal data protection and the safeguarding of national interests. The Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025, which came into force on Jan 10, limit access to BO information to a defined group of users. These include the beneficial owner or their authorised representatives, enforcement agencies listed under the Anti-Money Laundering Act, reporting institutions involved in anti-money laundering and counter-terrorism financing, and the Finance Ministry for procurement-related matters. SSM said the regulations were introduced through the Companies (Amendment) Act 2024 and the Limited Liability Partnerships (Amendment) Act 2024, which came into effect on April 1 last year and Jan 31 this year, respectively. "These reforms were formulated following extensive public consultation and debate in Parliament. Malaysia's BO reporting framework is designed to balance transparency with the protection of personal data, national interests and security." The commission said Malaysia's approach is consistent with that of several Asean countries, including Singapore, Thailand and Indonesia, as well as non-Asean nations such as China, Japan and South Korea, which similarly limit access to BO data to government or regulatory bodies. It added that in Europe, countries such as France, Germany and the Netherlands had also restricted public access to such data, following a 2022 ruling by the European Court of Justice which deemed unfettered access a serious breach of privacy and data protection rights. "These global developments signal a broader international shift towards re-evaluating the extent of public access to BO data. "To date, over 636,000 active companies, representing more than 92 per cent of registered entities in Malaysia, have complied with the new BO reporting requirements." SSM said similar access rules would soon be introduced for limited liability partnerships. It also warned that the new framework includes strict enforcement provisions, with individuals found guilty of knowingly providing false BO information facing up to 10 years' imprisonment, a RM3 million fine, or both. Institutions granted access to BO data are required to report any discrepancies with their records within 30 days or risk penalties. "SSM remains committed to transparency, good governance and accountability, while ensuring that personal data and national interests are safeguarded." It added that continued engagement with stakeholders is welcomed to further enhance Malaysia's corporate regulatory framework.
Malaysiakini
23-05-2025
- Business
- Malaysiakini
M'sia should improve public access to beneficial ownership data
LETTER | I refer to the letter by the Companies Commission of Malaysia (CCM) titled 'CCM's response to TI-M on beneficial ownership information' published on May 22, 2025. In a world where freedom of information, which promotes values like accountability and transparency, is the antidote to corruption, Malaysia risks falling behind. While global financial watchdogs continue to push for reasonable openness in corporate ownership, I humbly opine that Malaysia's latest regulations on access to beneficial ownership (BO) information tend to leave the public in the dark. In Malaysia, under the Companies (Access to the Register and Information Relating to Beneficial Ownership) Regulations 2025, access to BO data is primarily restricted to enforcement agencies and reporting institutions. Even beneficial owners can only view their own records. The general public? Completely shut out. Meanwhile, it is understood that public scrutiny under certain circumstances is of paramount importance. In the context of public procurement, for instance, if there is no public access, journalists and civil society cannot investigate whether a company that wins a lucrative government tender is secretly owned by any relatives of a politician or a government official. Malaysia's current regulations provide no meaningful avenue for the public to monitor potential conflicts of interest in government contracts, despite international best practices recommending the disclosure of beneficial ownership in procurement awards. In such a context, access to beneficial ownership information can support anti-corruption efforts and limit opportunities for abuse in awarding public procurement or extractive contracts. Therefore, by referring to the guidelines titled 'Unmasking Control: A Guide to Beneficial Ownership Transparency' published by the International Monetary Fund (IMF) in 2022, Malaysia can still address the aforementioned shortcomings with the following proposed reforms. First, a tiered access system should be introduced. I believe the public in general should be able to access the basic information of the beneficial owners of any companies, such as names and countries of residence, whereas financial institutions and authorities can access more comprehensive records when needed. This approach strikes a delicate balance between privacy concerns and the need for transparency and good governance. Second, when we come to ownership in public procurement, the relevant information should be disclosed to the public, who, as the taxpayers, have the right to know. When public funds are spent, the public has the right to know who benefits behind the scenes. Hence, the BO information of the awarded companies in public procurement should be reasonably made available to the public to allow civil society to better monitor and scrutinise the awarding of procurement contracts. Undeniably, global trends are still in the midst of evaluating the appropriate extent of public access to BO data. However, I still believe that transparency with reasonable or necessary safeguards should always be the norm. To build public trust, combat corruption, and attract clean investment, Malaysia must go further. We should proportionately let sunlight in and move away from unnecessary secrecy. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
Malaysiakini
22-05-2025
- Business
- Malaysiakini
CCM's response to TI-M on beneficial ownership information
LETTER | The Companies Commission of Malaysia (CCM) refers to the statement by Transparency International Malaysia (TI-M) and its public commentary on social media concerning the limited access of beneficial ownership (BO) information to the public. CCM has introduced a comprehensive beneficial ownership reporting framework under the Companies Act 2016 through the Companies (Amendment) Act 2024, which came into effect on April 1, 2024, and the Limited Liability Partnerships Act 2012 through the Limited Liability Partnerships (Amendment) Act 2024, effective Jan 31, 2025. CCM wishes to clarify that the implementation of the BO framework is guided by Malaysia's commitment to uphold the highest standards of corporate transparency while ensuring compliance with the recommendations of the Financial Action Task Force (FATF) and findings from the National Risk AsseCCMents. The regulatory framework has been designed to balance the need for transparency while ensuring personal data, national interest, and security are fully protected. Both bills proposing amendments to the Acts underwent extensive public consultation processes and were presented to the MPs. The issue of access to BO information was thoroughly debated in Dewan Rakyat and Dewan Negara before both amendments were passed. Under one of the four main policy statements of the Companies (Amendment) Bill 2023 consultation, the scope of strengthening the beneficial ownership reporting framework was proposed. Among others, Subsections 613(1)(aa) dan (ba) of the Companies Act 2016 were introduced to confer powers on the minister to make regulations concerning any matters relating to the access to beneficial ownership information as well as the scheme of compromise or arrangement, corporate voluntary arrangements, judicial management, liquidation, and receivership. This led to the introduction of the Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025, which took effect Jan 10, 2025. Similar provisions were also introduced under the Limited Liability (Amendment) Bill 2024, where BO information disclosure was made mandatory via the Limited Liability (Amendment) Act 2024. To further support the stakeholder engagement, CCM issued a 'Consultative Document on the Proposed Guideline for the Reporting Framework for Beneficial Ownership of Companies (Revised)' on Dec 22, 2023. The consultation period was open to the public until Jan 31, 2024. Subsequently, CCM has also issued a 'Guidelines for the Reporting Framework for Beneficial Ownership of Limited Liability Partnerships (Revised)' on Aug 9, 2024, where the consultation was also opened to the public until Sept 9, 2024. Both documents received feedback from the industry players, legal professionals, enforcement authorities and the public. These initiatives reflect CCM's ongoing commitment to transparency and inclusivity in the development of a robust and effective legal framework for BO disclosure, particularly in matters related to data access by relevant parties. Effective April 1, 2024, CCM mandated the submission of BO information in line with the enforcement of the Companies (Amendment) Act 2024. As of April 30, 2025, a total of 636,342 companies, representing 92.57 percent of the 687,412 companies with existing status, have submitted their BO information. With the issuance of the Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025, which came into effect on Jan 10, 2025, CCM will also issue similar regulations for limited liability partnerships at a later date to be announced. Under these regulations, access to BO data is restricted and granted only to specific categories of persons for legitimate purposes, particularly in the context of anti-money laundering, counter-terrorism financing, and promoting good governance. Access to BO information is limited to the following categories of persons, each identified based on their regulatory, enforcement or compliance-related roles and responsibilities: The beneficial owner; Individuals authorised by the beneficial owner; Enforcement agencies and competent authorities under Section 3(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613), such as Bank Negara Malaysia, police, and MACC; Reporting institutions carrying out anti-money laundering and counter terrorism financing activities as listed under the First Schedule of Act 613; and The Finance Ministry, specifically for functions related to government procurement. Authorised agencies, enforcement bodies and regulated institutions may access BO information for purposes aligned with their statutory functions. These include carrying out investigation activities, ensuring compliance with anti-money laundering and counter terrorism financing requirements and conducting know-your-customer or customer due diligence procedures. This framework supports the integrity of the corporate ecosystem by promoting transparency, facilitating informed decision-making and strengthening confidence in the use of legal entities for legitimate economic activities in Malaysia. This approach reflects practices across Asean, where access to BO information is similarly restricted to competent authorities and selected institutions. In countries such as Singapore, Thailand, Indonesia, the Philippines, and Vietnam, BO data is collected by regulatory bodies such as the Accounting and Corporate Regulatory Authority in Singapore, the Department of Business Development in Thailand, the Securities and Exchange Commission in the Philippines, and other designated authorities. However, this information is not made available to the public. The same applies to Brunei, Cambodia, Lao PDR, and Myanmar, where access to BO information remains limited to enforcement agencies and regulatory authorities. This regional consensus underscores a common emphasis on protecting personal data and preserving national security while enabling access for legitimate regulatory and compliance purposes. It is also important to highlight that there are growing concerns about public access to BO information globally. Several major East Asia economies - including China, Japan and South Korea - have adopted a similar stance by restricting access to BO information, limiting its availability to designated government and regulatory authorities. In Europe, public access to BO registers has also come under increasing scrutiny. Notably, countries such as France, Germany, Austria, and the Netherlands have restricted public access following the European Court of Justice's landmark ruling on Nov 22, 2022 (ECLI:EU:C:2022:912). The court ruled that unrestricted public access constituted a serious infringement on the rights to privacy and personal data protection under the EU Charter of Fundamental Rights. These developments reflect a broader international shift towards re-evaluating the extent of public access to BO data, with an emphasis on striking a balance between corporate transparency, personal data protection, and national security considerations. In addition, CCM wishes to emphasise that the legal obligations relating to the new BO reporting framework are reinforced by stringent enforcement provisions through the Companies (Amendment) Act 2024 and the Limited Liability Partnerships (Amendment) Act 2024. Any person who knowingly or recklessly provides false or misleading information about a beneficial owner to a company or to CCM commits an offence. Upon conviction, the offender may be liable to a fine not exceeding RM3 million, imprisonment for a term not exceeding 10 years, or both. These provisions are designed to uphold the integrity of the BO reporting framework and ensure that the true individuals who ultimately own or control the companies are not concealed. The enforcement mechanism is essential to ensure compliance with international standards, particularly the FATF recommendations, and to support Malaysia's broader efforts in enhancing corporate transparency and combating financial crimes. As Malaysia subscribes to a multi-pronged approach, where CCM is one of the sources to verify BO information of companies and LLPs, persons who can have access to the BO information have a legal duty to report any discrepancies of the information supplied to them with the information or data obtained by or within the knowledge of those persons. Failure to report such a discrepancy within 30 days from the date of the supply may trigger certain penalties under the Companies Act 2016. CCM is strongly committed to promoting transparency, good governance and regulatory integrity. It welcomes engagement with stakeholders, the media and international bodies to continue improving the effectiveness and credibility of Malaysia's corporate regulatory landscape. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
New Straits Times
19-05-2025
- Business
- New Straits Times
Construction firm director charged with making false declarations to CCM
KUALA LUMPUR: A construction company director was charged at the Sessions Court here today with three counts of making false declarations to the Companies Commission of Malaysia (CCM) involving appointments, resignations, and share transfers three years ago. Juliana Jamian, 38, however, pleaded not guilty after the charges were read to her. For the first and second charges, she was accused of making false declarations to the registrar of companies regarding her appointment as a director of UTS Maju Construction Sdn Bhd and the resignation of Wali Ullah Khan from the same company. The declarations were made via Section 58 forms dated Sept 30, 2022. She was also charged with making a false declaration to the registrar regarding the transfer of 299,998 shares from Wali Ullah Khan to herself, using a Section 51 form dated Oct 8, 2022. All the offences were allegedly committed at the CCM headquarters at Menara SSM@Sentral, KL Sentral, on Sept 30 and Oct 8, 2022. Juliana was charged under Section 593(b) of the Companies Act 2016 (Act 777), read together with Section 34 of the same Act. If convicted, she faces a jail term of up to 10 years, a fine of up to RM3 million, or both. Earlier, CCM prosecuting officer Farieza Hazreen Salehuddin proposed bail at RM10,000 for each charge, while Juliana's lawyer, Muhamad 'Aizat Adli Zalil, requested bail to be set at RM3,000 per charge. Judge Mohd Zaki Mohd Salleh granted Juliana bail of RM10,000 for all charges and ordered her to surrender her passport to the court. The case has been fixed for mention on June 4.
