Section 15
Section 53 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 15 of 61
Section 15
(a)
by inserting after subsection (9b) the following subsection:
“(9ba) If default is made in complying with subsection (9b), the director of the Labuan company who is in default commits an offence under this Act.
Penalty: Fifty thousand ringgit or imprisonment for a term not exceeding three years or both.”; and
(b)
in subsection (10), by substituting for the words
“Imprisonment for three years or ten thousand ringgit or both” the words “Three million ringgit or imprisonment for a term not exceeding five years or both.”.