The two reportedly became close while working together on TV series 'Uncle Samsik'.
KUALA LUMPUR: The government will tighten laws on trust companies and" cash trust " schemes amid concern over aggressive products promising high returns and targeting retirees and ordinary investors. Deputy Domestic Trade and Cost of Living Minister Datuk Dr Fuziah Salleh told the Dewan Rakyat that the Trust Companies Act 1949 , enforced by the Companies Commission of Malaysia , is no longer sufficient.
"It is limited to the registration, administration and governance of trust companies. It does not cover the enforcement or the monitoring of investment transactions carried out by these companies," she said in the Dewan Rakyat on Monday . Lee Chean Chung wanted to know the progress of regulatory reforms for private trust companies and the status of amendments to the Act to make it mandatory to appoint a licensed fund manager. Fuziah said the conduct and activities of trustees instead fall under the Trustee Act 1949 , which comes under the Prime Minister’s Department. Act 100 has been under review since 2018 and will be replaced with a new Trust Companies Bill, she added. "The new Bill will introduce a more comprehensive framework, including clearer parameters for activities, a mandatory registration regime, provisions on investment and beneficial ownership, as well as governance, striking-off, corporate rescue, winding-up and dissolution. "Public consultation started on April 2, 2024, and we have held engagement sessions with the Securities Commission, Bank Negara and other stakeholders. We plan to table it in Parliament this year, subject to Cabinet approval," she said. Fuziah said many"cash trust" arrangements are private agreements between individuals and trustees and therefore come under the Trustee Act, not Act 100. "Under the current Trustee Act, trustees are not required to be registered. Section 4 allows them to undertake activities to generate returns from cash placed in trust," she said. Datuk Abd Ghani Ahmad asked if the government would set up a special tribunal to speed up claims by victims of bogus trust schemes, instead of leaving them to lengthy court processes, and whether it would separate the roles of trustees and investment managers to avoid conflicts of interest, even for entities registered with Bank Negara and the Securities Commission."It would require alignment with the Attorney General’s Chambers and the existing judicial system. " committed to studying and conveying good proposals from this House to the Prime Minister’s Department, which is the owner of the Trustee Act," she said. Fuziah said investments in capital market products are clearly regulated by the Securities Commission, while investments through licensed financial institutions are regulated by Bank Negara. "The Trustee Act covers the conduct of trustees and the types of investments allowed, such as sukuk and bonds. This is where there may be loopholes that we can close," she said, adding that the government views the issue seriously as operators exploit gaps between regulators to market risky schemes to the public.Frantic responders dive into sea as boat catches fire during body retrieval missionSavings from all-in-one polls can be channelled to aid and social protection, says S'wak MP
Parliament Domestic Trade And Cost Of Living Ministry Fuziah Salleh Review Trust Companies Act Trustee Act Risks Investments Loopholes Cash Trust Trust Companies
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