Dormant companies in Malaysia.

13Friday

JK? Digest no 22 of October, 06 [267 of 2006] Dormant companies in Malaysia.

Wheee, so many as over 200,000 in the nation of 711,000 companies when Sabah has about 23,000 of 48,000.

Do you know the main cause of dormant companies?

Apart from changing State Governments since 1967, many limited companies were needed to apply for land, tender projects, bids for contracts. But due to the high expectation of corruption and abuses of power, many such companies failed to secure any deals hence such companies were abandoned. Even many of those companies which managed to get deals, and in the performance of such deals they encountered corruption and abuses of power. As a result of that these companies could not be sustained to make reported profits and pay the tax thereof. Many of these companies are abandoned to become dormant. I am talking of the main cause of abandoned companies and of course there are other minor reasons.

So if very few are left to generate wealth, how can increasing number of Sabahans continue to live in this land not as slaves? Too much wealth had left Sabah as such people do not find the good reasons to keep them in Sabah. So the system must be changed quickly.

BN has lost the direction in this wealth maintenance in Sabah.

Joshua Kong (proponent of MIGS)

Author of New Wealth Order, EPIC of Sabah, FIRE, Sabah Wealth - image of woods power,

EPIC of Sabah - 2nd Edition, Paper to Parliament Select Committee on Unity and National Service.

EPIC of Sabah - 3rd Ed., WATER, A tussle in biodiversity of two liquids - palm oil and water,

Sabah and Sarawak in Malaysia in 1963, Paper Paper to Parliamentary Select Committee on Integrity (2006).

http://www.e-borneo.com/col/jkong/