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The Star
a day ago
- Business
- The Star
Making global companies pay up
PUTRAJAYA: A cross-border insolvency legal framework will ensure that Malaysia is equipped to handle insolvency cases involving multiple countries, says the government. The Legal Affairs Division (BHEUU) of the Prime Minister's Department said the Cross-Border Insolvency Bill 2025 aims to facilitate foreign access to Malaysian courts, recognise international proceedings and foster judicial cooperation. Once passed, companies with debts to be paid will not only have its local entity be liable, but its foreign branches too. The law would also apply to foreign companies in debt overseas but with branches in Malaysia. Currently, companies can claim they are unable to pay their debts, despite having assets and cash in other countries. The Bill was tabled for its first reading yesterday in the Dewan Rakyat by Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. BHEUU deputy director-general of the law reform section, Thiyagu Ganesan said that without a clear system, dealing with assets and creditors across borders can become messy, unfair and unpredictable. 'Most of the time, when disputes occur, companies would transfer their assets here and there. With such a law in place, business operators would know where to go to settle their disputes. 'Apart from allowing creditors to collect their dues, this law would also enable companies to preserve necessary assets to ensure continuity of businesses. 'In today's global economy, businesses often operate in many countries. This creates challenges when they face financial trouble. 'To ensure stability, to protect investors and handle business failures smoothly, a fair and efficient process is essential,' said Thiyagu. The Bill, however, explicitly excludes individual bankruptcies, limited liability partnerships, non-commercial government-related entities, and specific financial sector entities already governed by specialised regulations. 'There are safeguards for national interest assets, for example utilities or energy-related assets which may cause a shutdown of the country,' he added. Thiyagu, who is also the Chair of the Cross-Border Insolvency Reform Working Committee, said that MPs from both government and opposition parties have been briefed and consulted prior to the tabling of the Bill. He said that Malaysia felt the urgent need to reform its cross-border insolvency laws in line with international standards. It is also proof of Malaysia's intentions to prioritise ease of doing business. 'The Bill is a mirror of the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency. 'Historically, Malaysia's framework relied on Common Law, leading to inconsistencies that this comprehensive statutory framework will address. 'This internationally recognised framework provides a clear, predictable and fair process for handling insolvency cases involving multiple countries,' he added. Thiyagu said the Bill is expected to bring significant benefits, including enhanced legal certainty through consistent rules, stronger international cooperation between Malaysian and foreign courts and insolvency representatives. 'This will reinforce creditor protection (for both domestic and international parties) and boost investor confidence. 'The streamlined processes will minimise cost and do away with inconsistent multi-jurisdictional proceedings.' He said any conflicting provision shall be subject to prevailing Malaysian laws on corporate insolvency. He added the High Court will be the central authority for all cross-border insolvency matters. The High Court will also have discretion to reject recognition or relief if it conflicts with Malaysia's 'public policy', a flexible concept left undefined to adapt to evolving national interests, security or fundamental legal principles. 'High Court permission will be mandatory before Malaysian assets of an insolvent company can be transferred to foreign jurisdictions. 'The Court will also have the discretion to allocate a portion of these assets for local creditors, particularly small and medium enterprises, for claims below a yet-to-be-determined threshold, acknowledging their vital role in Malaysia's economy. 'While initially focused on corporate insolvency, the law is intended to expand to individual insolvency in a phased approach, if it is needed,' said Thiyagu. The Bill will undergo its second reading today.
BusinessToday
3 days ago
- Business
- BusinessToday
Govt Allocates RM10 Million Aid For B40 In Muar
Prime Minister Datuk Seri Anwar Ibrahim has announced an immediate allocation of RM10 million to assist low-income households (B40 group) in Muar, reaffirming the government's commitment to social equity and inclusive growth. The funds will be disbursed within the next one to two weeks and will be managed by the Implementation Coordination Unit of the Prime Minister's Department, working closely with the Muar District Office to ensure the aid reaches those most in need. 'This is not just about giving but ensuring help is directed to where it's truly needed,' Anwar said, while stressing that the allocation will be approved immediately and channelled towards improving the basic needs of the people, especially in the B40 category. He said the move reflects the government's pledge to leave no one behind, especially as the nation commemorates its independence and continues to uphold the principles of social justice and national solidarity. He emphasised that the allocation is expected to fund essential support including food aid, housing repairs, infrastructure improvements and other social programmes tailored to local needs. Related
New Straits Times
3 days ago
- Business
- New Straits Times
Anwar announces RM10mil allocation to spur development in Muar
MUAR: The federal government has approved an allocation of RM10 million to implement various development projects in the district, aimed at enhancing the well-being of the people and stimulating the local economy. Prime Minister Datuk Seri Anwar Ibrahim said the funds would be disbursed immediately to ensure that Muar residents can begin reaping the benefits in the near future. "The government wants the people of Muar to enjoy balanced development. "As such, this RM10 million allocation will be utilised effectively through various identified development projects," he said during the launch of the 2025 National Month and Fly the Jalur Gemilang Campaign at Tanjung Emas here today. Also present were Communications Minister Datuk Fahmi Fadzil and Menteri Besar Datuk Onn Hafiz Ghazi. Anwar, who is also the finance minister, said the implementation of the projects would be coordinated by the Implementation Coordination Unit (ICU) of the Prime Minister's Department together with the Muar District Office. Earlier, Onn Hafiz expressed his appreciation to the government for selecting Muar as the host of the 2025 National Month and Fly the Jalur Gemilang Campaign launch. "Muar is a place where the history of independence was shaped and is the birthplace of key figures who paved the way for nation-building, including Datuk Onn Jaafar, Tan Sri Mohamed Noah Omar, and Abdul Majid Salleh. "When Johor, particularly Muar, is chosen, I believe it is not a coincidence but a recognition of its historical significance," he said. After launching the event, Anwar also flagged off the 2025 Merdeka Jalur Gemilang Convoy, involving 88 land vehicles and 66 water transport assets, with more than 300 participants in total. The convoy will carry the Jalur Gemilang flag across the country, passing through 88 checkpoints (44 in Peninsular Malaysia, 20 in Sabah, 22 in Sarawak, and two in the Federal Territory of Labuan) before concluding at Dataran Putrajaya on Aug 31, the venue for the 2025 National Day celebration.
The Sun
3 days ago
- Business
- The Sun
Borneo Flora Festival 2025 draws 37,000 visitors on opening day
LABUAN: The Borneo Flora Festival (BFF) 2025 kicked off with a strong turnout, attracting 37,130 visitors on its opening day. The event, themed 'Borneo Tropical Flora,' highlights the region's botanical and cultural diversity through floral parades, garden displays, and traditional performances. Datuk Seri Dr Zaliha Mustafa, Minister in the Prime Minister's Department (Federal Territories), noted the festival's economic impact. 'With more than 37,000 visitors in just one day, we are already seeing the economic spillover. Hoteliers, food stalls, local artisans and even home-based entrepreneurs are benefiting tremendously from this influx,' she said. The festival employs an AI-CCTV monitoring system to manage crowd flow and ensure safety. Dr Zaliha added, 'Crowd response is overwhelming and reflects the growing popularity of the BFF as a premier tourism and cultural attraction in Labuan.' Her Majesty Raja Zarith Sofiah, Queen of Malaysia, graced the opening ceremony, adding prestige to the event. The festival also features participation from Sabah, Sarawak, Kalimantan, and Brunei, reinforcing regional cultural ties. Organisers aim to surpass 50,000 visitors by the festival's conclusion on July 30.
Borneo Post
4 days ago
- Business
- Borneo Post
Queen graces Borneo Flora Festival
Raja Permaisuri Agong Raja Zarith Sofiah (front, left) visiting the Borneo Flora Festival on Saturday.-Bernama photo LABUAN (July 26): The inaugural Borneo Flora Festival (BFF) 2025 drew a massive crowd of thousands eager to experience the vibrant showcase of tropical flora on Saturday. Held at the International Sea Sports Complex, the event, themed 'Borneo Tropical Flora', runs from 8 am to midnight for five days, until July 30. Her Majesty Raja Zarith Sofiah, Queen of Malaysia, graced and officiated at the event. Present were the wife of the Sarawak Yang Dipertua Negeri, Toh Puan Fauziah Mohd Sanusi; Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa; Federal Territories Department director-general Datuk Seri Noridah Abdul Rahim; Kuala Lumpur City Hall Mayor Datuk Seri Maimunah Mohd Sharif and Labuan Corporation chief executive officer Mohd Sukuran Taib. A total of 31 exhibitors are participating in the festival, including those from Sabah, Sarawak, Brunei and Kalimantan, showcasing 12,000 ornamental plants with hundreds of tropical flower species from across the country. Exhibitors include the Sabah Parks Board of Trustees, the Malaysian Communications and Multimedia Commission (MCMC), Kota Kinabalu City Hall (DBKK), and local communities such as the Labuan Women Farmers Association and higher learning institutions. Free transport is provided at five pick-up points, while on-site facilities include a surau, information centre and food truck stalls. Over 1,000 volunteers wearing 'Ask Me' badges are available to assist visitors attending the event. The Queen arrived here on Saturday for a two-day official visit, her second to Malaysia's international business and financial centre. She was welcomed by Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa, Labuan MP Datuk Dr Suhaili Abd Rahman and Federal Territories Department director-general Datuk Seri Noridah Abdul Rahim, upon her arrival at the Labuan Airport at 11.27 am. Also present were Kuala Lumpur Mayor Datuk Seri Maimunah Mohd Sharif, Labuan Corporation chief executive officer Mohd Sukuran Taib and Labuan Police chief Supt Mohd Hamizi Halim. Her Majesty is accompanied by the Tunku Temenggong of Johor, Tunku Idris Iskandar Sultan Ibrahim. On Sunday, Her Majesty will open the Labuan Handicraft Gallery. Dr Zaliha said the inaugural event is more than just a vibrant showcase of tropical blooms and landscape artistry. It is part of a broader strategy under the MADANI Government's reform agenda to realign Labuan's development priorities and steer the island towards a more inclusive and sustainable economic future. Dr Zaliha said that the festival was designed not merely to add to Labuan's event calendar, but to serve as a catalyst for diversification and socioeconomic revitalisation. 'Labuan recorded a gross domestic product (GDP) per capita of RM87,000 in 2024, the second highest in Malaysia…however, as I've often reiterated, this economic figure does not reflect the lived experiences of the people. 'The island's economic reliance on the oil and gas sector has waned compared to 10 to 15 years ago,' she said. Dr Zaliha said as part of the government's reformist approach, Labuan's development focus has been recalibrated and the outcome is already evident; Labuan's GDP per capita grew by 5.4 per cent in 2024, outpacing the national average. The island also recorded over one million visitors last year, a 15.7 per cent increase from the previous year, signalling the growing potential of its tourism industry. 'To capitalise on this momentum, we have, over the past year, intensified our focus on developing the tourism sector, which is more sustainable and closer to the people. The BFF is one of the key drivers of this strategic shift,' she said. The minister said the festival's impact is expected to go beyond tourism, generating local socioeconomic opportunities, particularly for the hotel, food, and small business sectors. 'We are targeting 50,000 visitors with an anticipated RM20 million in direct economic impact, while aiming to attract returning visitors in the long run,' she said. Dr Zaliha said beyond its local economic goals, BFF 2025 also champions regional collaboration under the theme of 'Strengthening Borneo Regional Cooperation.' The festival features 31 landscape exhibitors, including participants from the Federal Territories of Kuala Lumpur, Putrajaya, and Labuan, as well as neighbouring states Sabah and Sarawak, and international partners from Brunei Darussalam and Kalimantan, Indonesia. 'This cross-border participation reflects our collective commitment to positioning Borneo as a new reference point for the development of the tropical landscape and horticulture industries in the region,' she said. She noted the festival conveys a message far beyond flowers and landscaping; it represents a collective readiness to enhance economic, cultural, and community networks across borders, fostering a complementary and resilient regional ecosystem. 'The diversity of this region is our strength. BFF 2025 will open new avenues for knowledge exchange, investment promotion, and regional trade integration in tourism, landscape, and horticulture sectors. It will also reinforce Malaysia's commitment to ASEAN goals and the BIMP-EAGA cooperation framework,' she added.-Bernama
