Section 20E — COMPANIES COMMISSION OF MALAYSIA ACT 2001

(a)

he fails to comply with any provisions of this Act or the laws specified in the First Schedule;

(b)

he fails to comply with or give effect to any guidelines, practice notes, notices or circulars issued under section 20C;

or

(c)

he fails to comply with or give effect to any condition or restriction imposed under section 20C.

(2)

If a person has committed a breach and the Commission or the

Registrar is satisfied that it is appropriate in all the circumstances to take action against that person, the Commission or the Registrar may take any one or more of the following actions:

(a)

direct the person to comply with or give effect to the provisions of this Act or the laws specified in the First

Schedule, guidelines, practice notes, notices, circulars, conditions or restrictions;

(b)

impose an administrative penalty, in proportion to the severity or gravity of the breach, but in any event not exceeding five hundred thousand ringgit;

(c)

reprimand the person; or

(d)

direct the person to take the necessary steps to remedy the breach or to mitigate the effect of such breach, including making restitution to any person aggrieved by the breach.

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(3)

The Commission or the Registrar shall give a written notice to the person who has committed the breach of its intention to take action under subsection (2) and shall give that person an opportunity to be heard.

(4)

If the person fails to comply with the directions given by the

Commission or the Registrar under paragraphs (2)(a) and (d), the

Commission or the Registrar may apply to the Court for one or more of the following orders:

(a)

an order directing the person to comply with the direction given by the Registrar;

(b)

an order directing the person to pay any costs incurred by the Registrar or any other person effected by the non-compliance with the direction given by the Registrar, arising from the non-compliance of the directions; or

(c)

any other orders that the Court considers appropriate.

(5)

Where a person fails to pay an administrative penalty imposed by the Commission or the Registrar under paragraph (2)(b), the administrative penalty imposed by the Commission or the Registrar may be recovered as a civil debt due to the Commission or the

Registrar, as the case may be.

(6)

For the purpose of paragraph (2)(d), in determining whether or not restitution is to be made by the person, the Commission or the

Registrar shall have regard to—

(a)

the profits that have accrued to such person; or

(b)

whether one or more persons have suffered loss or been otherwise adversely affected as a result of the breach.

(7)

Nothing in this section shall prejudice the operation of any section imposing penalties on any person in respect of any failure under subsection (1), nor any power that the Commission, the

Registrar, any other person or the Court may have under this Act or the laws specified in the First Schedule.

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