PETALING JAYA: Former federal minister Liew Vui Keong has urged the Companies Commission of Malaysia (SSM) and Putrajaya to review the cessation of SSM’s online services in the wake of the government’s movement control order (MCO) which kicked in today.
In a statement, the former minister in the Prime Minister’s Department said SSM’s primary purpose was to provide company and business-related information to the public.
He added that the cessation of its online services following the MCO would have “detrimental effects”.
SSM in a statement yesterday said it would stop counter operations at 3pm and online services at 5pm, and resume normal operations only after April 1.
“Various sectors and parties such as the financial and telecommunications sectors, credit reporting agencies, law firms, company secretarial firms and law enforcement agencies are highly reliant on information and documents provided by SSM to transact their businesses and conduct investigations,” Liew said.
Liew, the Batu Sapi MP, said SSM’s registry was “extremely important” for due diligence and verification processes for the private and public sector.
For example, he said, if SSM’s online services are suspended, banks cannot carry out due diligence in processing bank loans.
“How will SMEs proceed with incorporations and requests for funding from either government or private banks when SSM’s online services are suspended?
“These are questions that SSM and the federal government must answer and inform the public.”
Liew said he saw no reason for SSM to suspend online services while the MRO is in effect as this would only worsen the situation and have a negative impact on the economy.
He said it could also hamper ongoing investigations such as those by the police, Malaysian Anti-Corruption Commission, Bank Negara Malaysia and the Internal Revenue Board which require information from SSM’s registry. – FMT