29,496 firms deregistered by CCM in 2014

KUALA TERENGGANU: The Companies Commission of Malaysia (CCM) deregistered 29,496 companies nationwide for various offences last year, says Chief Executive Officer Zahrah Abd Wahab Fenner.

The most frequent offences were not holding an annual general meeting (AGM), not presenting a loss-profit statement, and not submitting the annual return within a month of the AGM, she said.

“We hope companies that are no longer active will voluntarily file for deregistration in order to avoid being imposed higher compounds in future.

“From April 1, CCM is holding a campaign to encourage the deregistration of companies incorporated between 2010 and 2014 that are no longer active, and they will be charged just RM100,” she told reporters after launching a compliance campaign here.

The event, attended by 63 participants as well as Terengganu CCM Director Kamaruddin Mohd Daud, stressed the need to give priority to compliant companies when approving projects, tenders, licences, permits or government procurement of goods and services.

Zahrah said 90 per cent of the 4,745 companies operating in the state comply with all of CCM’s regulations, and an average of 30 companies in the state are charged in court every month for offences under the Companies Act 1965, with errant firms last year paying fines totalling RM370,000. — Bernama