Malaysia legislation
Section 108B
Section 108B
Power of company to require disclosure of beneficial ownership information
(2)
Any Labuan company or foreign Labuan company may, by notice in writing, require any member of the Labuan company or foreign Labuan company whom the Labuan company or foreign
Labuan company knows or has reasonable grounds to believe that he is a beneficial owner in relation to the Labuan company or foreign
Labuan company—
(a)
to state whether he is a beneficial owner of the Labuan company or foreign Labuan company;
(b)
to state whether he knows or has reasonable grounds to believe that any other person is a beneficial owner of the
Labuan company or foreign Labuan company or is likely to have that knowledge and to give such particulars of that person that are within his knowledge; and
(c)
to provide such other information within such reasonable time as specified in the notice.
(3)
Where a Labuan company or foreign Labuan company is informed or knows or has reasonable grounds to believe, that any
Labuan Companies 117
other person is a beneficial owner of the Labuan company or foreign
Labuan company, or is likely to have that knowledge, the Labuan company or foreign Labuan company may by notice in writing require that other person—
(a)
to state whether he is a beneficial owner of the Labuan company or foreign Labuan company;
(b)
to state whether he knows or has reasonable grounds to believe that any other person is a beneficial owner of the
Labuan company or foreign Labuan company, or is likely to have that knowledge and to give such particulars of that other person that are within his knowledge; and
(c)
to provide such other information within such reasonable time as specified in the notice.
(4)
Any Labuan company or foreign Labuan company may, by notice in writing, require any member of the Labuan company or foreign Labuan company to inform the Labuan company or foreign
Labuan company, within a reasonable time, as is specified in the notice, whether ownership or control of such member in the Labuan company or foreign Labuan company is subjected to an agreement or arrangement under which another person is entitled to control the member’s exercise of his interest or right and if so, to give particulars of the agreement or arrangement and the parties to the agreement or arrangement.
(5)
A resident secretary of a Labuan company or foreign Labuan company shall ensure that the Labuan company or foreign Labuan company complies with the obligations under this section.
(6)
If default is made in complying with this section, the Labuan company, foreign Labuan company and every officer of the company who is in default commits an offence under this Act.
118 Laws of Malaysia ACT 441
Duty to lodge information with the Authority