Malaysia aims to discharge 200,000 bankruptcies by 2025
SHAH ALAM: The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year.
Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from the problem.
She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives.
'We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total we hope to target 200,000 this year,' she said.
She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam today.
Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin.
When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000 starting last year.
Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above.
Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group.
She said that by gender, men recorded higher bankruptcy cases than women, at 18,590 during the same period.
Meanwhile, Azalina said the programme organised today was one of the proactive steps taken by the MADANI government in bringing laws and knowledge related to financial management and literacy to the people, especially students of higher learning institutions who are about to enter the working world.
About 1,000 students from public and private universities and colleges were involved in the one-day programme.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
INV new material's RM3.2bil Penang plant boosts Malaysia's EV hub ambitions
KUALA LUMPUR: China's INV New Material Technology (M) Sdn Bhd has launched its RM3.2 billion manufacturing facility in Penang, marking a significant milestone in Malaysia's push to become Southeast Asia's leading electric vehicle (EV) hub. The plant, which produces lithium-ion battery separators, is the first commercial facility of its kind in the country, firmly positioning Malaysia as the region's largest producer of this critical EV component. The newly launched facility will produce 1.3 billion square metres of wet-processed and coated lithium-ion separators. The project has generated over 2,000 job opportunities, including over 500 high-skilled technical roles with wages exceeding RM3,000 per month. It serves as a launchpad for technology and knowledge transfer, equipping Malaysian talent with practical exposure to advanced equipment, structured training programmes and collaboration with global experts. This holistic approach significantly upskills the workforce in advanced materials and engineering plastics, cultivating a future-ready talent pipeline vital for the nation's long-term growth in the EV and high-tech sectors. The plant also sets a benchmark in Industry 4.0 adoption as it integrates advanced automation, smart manufacturing systems, and digital technologies to maximise operational efficiency, enhance precision and promote sustainable practices. Malaysian Investment Development Authority (MIDA) chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the launch of the facility marks a transformative step in the country's electric vehicle journey. He said the investment, anchored in the New Industrial Master Plan 2030 and the Chemical Industry Roadmap 2030, bridges a critical gap in the local EV ecosystem and embeds advanced materials into the supply chain. "It sets a new standard for high-tech manufacturing while strategically catalysing broader industrial growth and attracting more global and local players to strengthen Malaysia's position in the global EV value chain," he added. INV New Material Technology chief executive officer Liu Rui said that beyond investment, the plant is a long-term commitment to sustainability, innovation and talent development. "Malaysia offers the strategic advantages, talent pool, and government support we need to make this vision a reality, and we are proud to call it home to our first facility in the Asean region," he said.
New Straits Times
2 hours ago
- New Straits Times
Op Adun: Two Sabah assemblymen, businessman to be charged tomorrow
KOTA KINABALU: Two state assemblymen and a businessman, hauled up by the Malaysian Anti-Corruption Commission (MACC) under Op Adun, are scheduled to be charged tomorrow. In a media invitation, the Sabah MACC said the trio are expected to be charged at the Special Corruption Court here at about 9am. They will face a total of four charges under the MACC Act 2009. Two of the charges will be brought under Section 16(b)(A) of the Act for offering bribes, while the other two will be under Section 16(a)(A) for accepting bribes. Op Adun is an investigation into the involvement of Sabah assemblymen in the issuance of mining licences. Authorities began their probe following the publication of a series of edited videos by a news portal in November last year. It was reported earlier this week that the MACC had arrested another Sabah assemblyman on suspicion of soliciting and receiving bribes amounting to about RM150,000 in connection with mining licences in the state. The suspect, who serves as an assistant to a minister, was detained when he turned up to provide his statement at the Sabah MACC office at 9.30am on June 23. The man, in his 40s, is the third state assemblyman arrested by the MACC to date in connection with the corruption investigation. MACC Chief Commissioner Tan Sri Azam Baki had previously said that the commission is expected to charge three individuals under the ongoing Op Adun probe. He was reported as saying that the trio, comprising two assemblymen and a civilian, were expected to be charged by the end of this month.
The Star
3 hours ago
- The Star
Engineer loses RM275,000 to online 'Moomoo' investment scam
ALOR SETAR: A 57-year-old engineer lost RM275,000 after falling for an online investment scam known as 'Moomoo', which was advertised on Facebook in April. Kedah Commercial Crime Investigation Department chief Supt Loi Yew Lik said the victim responded to an investment offer involving Chinese currency on April 20 by clicking a WhatsApp link, which led him to a group called '6 Investment Securuties Internasional'. He later communicated with several individuals using the numbers 019-2007253 and 019-2345678. "The scammers promised a 10% return within days, prompting the victim to transfer RM275,000 in eight transactions between May 27 and June 13 to two company accounts under the names Cisi Infra Solution and Cisi CPT Infra Trading," he said in a statement on Sunday (June 29). When no profits were received, the victim grew suspicious as the scammers continued requesting more money, claiming it was needed to release his returns and initial capital. He eventually lodged a police report at the Baling District Police Headquarters on Saturday after realising he had been cheated. Loi advised the public to verify any investment offers with the police or nearby stations and to use tools such as the Mule Check app, the CCID Facebook page, or contact the National Scam Response Centre at 997. - Bernama
