Section 34
Section 92 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
(a)
by substituting for subsection (11) the following subsection:
“(11) An officer of a Labuan company who contravenes this section shall be liable to the company for any profits made by him and for any damage suffered by the company as a result of such contravention.”;
(b)
by inserting after subsection (12) the following penalty provision:
“Penalty: Five hundred thousand ringgit or imprisonment for a term not exceeding five years or both.”; and
(c)
by inserting after subsection (12) the following subsection:
“(12a) If default is made in complying with subsection (3), the director of the Labuan company who is in default commits an offence under this Act.
Penalty: Three million ringgit or imprisonment for a term not exceeding five years or both.”.
Amendment of section 93