BUSINESS

GOVT TO CONDUCT STUDY ON ANTI RENT-SEEKING ACT FRAMEWORK

28/02/2024 09:49 PM

KUALA LUMPUR, Feb 28 (Bernama) -- The government is currently in the process of conducting a study on the framework for the Anti Rent-Seeking Act, according to the Ministry of Economy.

In a written reply published on the Parliament's website today, the ministry stated that preparation of the draft of the Act will be carried out by obtaining input from various stakeholders.

"The aim is to gain clear perspectives on the issue related to the ‘Ali Baba' practice as it involves various sectors and requires appropriate legal actions.

"The government aims to present this Act in Parliament by year-end," it said, responding to a question from Datuk Alias Razak (PN-Kuala Nerus) regarding the latest developments on the anti-Ali Baba Act.

Last December, Economy Minister Rafizi Ramli said the government was considering an anti-Ali Baba law that would allow strict action to be taken against local business license owners who 'rent' their business licenses to foreign workers without meeting the prescribed conditions.

The Anti Rent-Seeking Act was mooted as there are currently no existing laws that can effectively and comprehensively curb such practices.

Relevant legislation such as the Malaysian Anti-Corruption Commission Act 2009; the Competition Act 2010; the Companies Act 2016 and existing by-laws are still insufficient to curb rent-seeking activities.

The Economy Ministry said such practices can have an adverse impact on the economy such as increasing operating costs, negatively affecting the quality of products and services, and increasing inequality in society.

The ministry said this in response to Jeli MP Zahari Kechik’s question on the rationale for introducing the Anti Rent-Seeking Act.

-- BERNAMA

 

 


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