Automated Compound Reduction Scheme by Companies Commission of Malaysia (SSM) Part 2 of 2

01eKTP 118

Illustration of the Automated Compound Reduction Scheme

SSM issued a compound letter dated 1 August 2019 to Mr. Ang, Director of Ang Sdn Bhd for failure to lodge Company’s Annual Return (AR) under Section 68 (1) of Companies Act 2016 with a fine amounting to RM50,000.00.

Mr. Ang prepared an appeal letter (intend to appeal for a reduction on the amount of fine) and brought along the compound letter to SSM Johor Bahru Branch office. When he reached SSM branch office, the officer notified him there was an automated reduction scheme offer to defaulter without any appeal. The amount of fine under such a scheme works out as below:

The SSM officer urged Mr. Ang to pay the fine either in cash, cheque (exclude personal cheque), bank draft, credit card, postal order or money order make payable to “Suruhanjaya Syarikat Malaysia” and receipt will be issued upon payment.