PETALING JAYA: The Domestic Trade and Cost of Living Ministry has recently issued a total fine of RM4.4mil against 12 companies related to GISB (GISB) Sdn Bhd.
According to Sinar Harian, its minister, Datuk Armizan Mohd Ali, said the fines were imposed following an investigation by the Companies Commission of Malaysia (SSM) which found that all the companies involved failed to comply with their responsibilities to submit annual statements and financial statements.
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"Besides GISB, there are 17 other companies using the name GISB in their SSM registration. At the same time, data checks and related website searches for GISB or 'Ikhwan' have revealed that as many as 201 businesses can be connected to GISB.
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"One of the annual responsibilities of companies is to submit their audited financial statements. The SSM investigation found that these 12 companies did not comply with the responsibility to submit annual statements and financial statements," he said after attending the TikTok Shop Seller Summit 2024 here on Thursday (Sept 26).
Armizan mentioned that regarding GISB, the Domestic Trade and Cost of Living Ministry is responsible for assisting the police in legal matters and non-compliance with related acts by their business networks.
