PETALING JAYA: The Domestic Trade and Cost of Living Ministry has imposed compounds amounting to RM4.4 million against 12 companies related to Global Ikhwan Services and Business Holdings (GISB) recently.
Minister Datuk Armizan Mohd Ali said the compounds were issued after an investigation by the Companies Commission of Malaysia (SSM) found that all the companies did not comply with the requirement to submit their annual statements and financial statements.
"Besides GISB, there are 17 other companies using the GISB name in their SSM registration. At the same time, a review of data and websites related to GISB or 'Ikhwan' found that 201 businesses could be linked to GISB.
"One of the company's responsibilities every year is to submit their audited financial statements. SSM investigation found that these 12 companies did not comply with the responsibility of submitting their Annual Statement and Financial Statement," he said when met after the TikTok Shop Seller Summit 2024 here, today.
Armizan said on the issue of GISB, the ministry is responsible for helping the police in terms of legislation and non-compliance with related acts by its business networks. — BERNAMA