Latest news with #PH-Tebrau
New Straits Times
18 hours ago
- Business
- New Straits Times
MyCV cracks down on companies owing over RM25mil
KUALA LUMPUR: MyCreative Ventures (MyCV) is taking enforcement action against 19 companies owing a total of RM29.5 million in outstanding loans. Communications Minister Datuk Fahmi Fadzil said that of the 21 cases brought to court, two borrower companies had fully repaid their loans amounting to RM1,005,493.15. "As of Aug 15, 49 companies were found to be delinquent in their loan repayments. Legal action has been taken against 28 companies, with 21 cases concluded in court. Of these, two companies settled their debts in full, while enforcement proceedings are under way against 19 companies involving RM29,525,164.20," he said in a parliamentary written reply. MyCV, an agency under the ministry, supports local creative industry players by providing financial facilities in the form of equity investment, loans, or grants. Fahmi was responding to Jimmy Puah (PH-Tebrau), who had asked what measures were being taken against borrowers who defaulted or wilfully refused to repay government loans. He said that MyCV enforced compliance by issuing reminder notices requiring repayment within 14 days, engaging borrowers to restructure loans, and sending letters of demand. Where necessary, legal action is pursued, including lawsuits, company winding-up, or bankruptcy proceedings against guarantors after obtaining judgment. "Every step taken by MyCV is in line with court directives to ensure borrowers are held accountable and the law is respected. This is vital to ensure funds can be recycled to support other creative industry players in need of financial assistance," he added.
Yahoo
04-03-2025
- Business
- Yahoo
No plans yet to replicate Johor-Singapore SEZ at borders with Kalimantan and Southern Thailand, Putrajaya says
KUALA LUMPUR, March 3 – The government is open to exploring the possibility of establishing special economic zones (SEZs) along Malaysia's international borders with Kalimantan, Indonesia, but no proposals or discussions have taken place yet, the Economy Ministry said yesterday. In a Parliamentary written reply to Rodziah Ismail (PH-Ampang), the ministry stated that while there are no immediate plans to replicate the Johor-Singapore Special Economic Zone (JS-SEZ) at other border areas including with Southern Thailand, such initiatives could be considered in the future. 'The government, through the Economy Ministry, has no objections to studying and exploring the proposal to establish an SEZ along Malaysia's international border with Kalimantan, Indonesia, particularly through the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) platform,' the ministry said. Meanwhile, in response to a separate question from Jimmy Puah Wee Tse (PH-Tebrau), the ministry detailed the incentives and measures designed to ensure the success of the JS-SEZ. It said the JS-SEZ offers several tax incentives effective from January 1, 2025. These include: A special corporate tax rate of 5 per cent for up to 15 years for companies investing in eligible manufacturing and service activities, such as AI and quantum computing supply chains, medical devices, aerospace manufacturing, and global service hubs. Additional customised incentives for businesses operating in key flagship development zones within JS-SEZ. A special 15 per cent tax rate for eligible knowledge workers employed in JS-SEZ for 10 years. Additionally, it said the Johor state government has agreed to introduce lower entertainment duties starting January 1, 2025, to support economic activities in the SEZ. In January, Malaysia and Singapore formalised the agreement of the JS-SEZ during the 11th Malaysia-Singapore Leaders' Retreat to boost economic cooperation and attract investments. The JS-SEZ is a mega development project covering areas such as the Iskandar Development Region, Desaru, Johor Bahru, Iskandar Puteri, Tanjung Pelepas, Tanjung Bin, Pasir Gudang, Senai, Skudai and Sedenak. Recommended read: All you need to know about the Special Economic Zone and how it will drive economic growth for Malaysia, Singapore
