Fadley Faisal
A proposal to revise the Companies Act to loosen some restrictions was shot down during yesterday’s 19th Legislative Council (LegCo) session.
LegCo member Yang Berhormat Pengiran Haji Isa bin Pengiran Haji Aliuddin called on the Ministry of Finance and Economy to look into the possibilities of revising the Companies Act to pave the way for companies to designate foreigners as directors in the company and for directors in other companies to be able to be hired as a director in a new company.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah responded that the current law ensures the safety and security of essential appointments, and helps avoid an abuse of the process.
Minister of Home Affairs Yang Berhormat Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman concurred, stating that the regulations do not complicate the business process.
