Section 181
of Malaysia Deposit Insurance Corporation Act 2011
Section 181
For the purpose of this section—
Malaysia Deposit Insurance Corporation 185
“money consideration”, in relation to an acquisition or sale by the affected person, means consideration for the acquisition or sale payable otherwise than by the issue of shares in the affected person;
“director” has the same meaning as defined under section 2 of the
Companies Act 2016;
“value of the asset” includes the value of any goodwill or profits which might have been made from the asset or similar considerations.
(2)
Where any asset has been acquired by the affected person for a money consideration within a period of two years before the appointment of a conservator under this Act—
(a)
from a person who was at the time of the acquisition, a director of the affected person; or
(b)
from a company of which at the time of the acquisition, a person was a director who was also at that time a director of the affected person, the conservator may recover from the person or company from which the asset was acquired any amount by which the money consideration for the acquisition exceeded the value of the asset at the time of its acquisition.
(3)
Where any asset has been sold by the affected person for a money consideration within a period of two years before the appointment of a conservator under this Act—
(a)
to a person who was at the time of the sale, a director of the affected person; or
(b)
to a company of which at the time of the sale, a person was a director who was also at that time a director of the affected person, the conservator may recover from the person or company to which the asset was sold any amount by which the value of the asset at the time of the sale exceeded the money consideration.
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