Firm: Shearn Delamore & Co.
Practice Industry: All
Region: All
Country/ State: All
Tag: All
Shearn Delamore & Co. | February 2021

Bank Negara Malaysia issues Licensing Framework for Digital Banks Bank Negara Malaysia issued its policy document on Licensing Framework for Digital Banks on 31 December 2020. It has indicated in its press release that up to five licences may be issued to qualified applicants and notification of the grant of licence will only be made by the first quarter of 2022 ...

Shearn Delamore & Co. | February 2021

Operation hours of IRB Counters during Movement Control Order (“MCO”), Conditional MCO & Recovery MCO periodThe Inland Revenue Board (“IRB”) has issued a media statement on the operation hours of its counters during the MCO, Conditional MCO and Recovery MCO period. For more information, please click here ...

Shearn Delamore & Co. | February 2021

Introduction In the recent Industrial Court Award of Azffanizam bin Abd v Prince Court Medical Centre Sdn Bhd [Award No.11 of 2021] dated 4 January 2021, the Industrial Court accepted evidence taken from social media in dismissing a claim of forced resignation ...

Shearn Delamore & Co. | February 2021

Introduction In the recent Industrial Court Award of Harry Wong Wei Chen v Petroliam Nasional Berhad [Award No.11 of 2021] dated 4 January 2021, the Industrial Court upheld the dismissal of an employee (“the Claimant”) on account of several allegations of sexual and workplace harassment. An interesting point in the instant case was the absence of corroborative witnesses in respect of several of the complaints against the Claimant ...

Shearn Delamore & Co. | January 2021

BackgroundSection 466(1)(a) of the Companies Act 2016 (“CA 2016”) provides that a company is deemed unable to pay its debts if it is indebted in a sum exceeding an amount prescribed and neglects to pay the sums stipulated in the notice of demand within 21 days of being served with the said notice.Through the issuance of the Prescription of Amount of Indebtedness of Company published on 26 January 2017 (“2017 Threshold Order”), this amount was fixed at RM10,000 ...

Shearn Delamore & Co. | January 2021

BackgroundOn 23 October 2020, the Malaysian government gazetted the Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (Covid-19) Act 2020 (“Covid-19 Act”). This Act, as evident from its name, is meant to provide temporary measures to ease the impact of Covid-19 on various sectors and industries in Malaysia. Areas addressed by the Covid-19 Act include inability to perform contracts, insolvency and limitation periods ...

Shearn Delamore & Co. | January 2021

In an admiralty action, can an intervener, not being the proper defendant, apply to set aside a warrant of arrest of a vessel on non-traditional grounds. The traditional grounds of setting aside warrant of arrest are, inter alia: in excess or lack of jurisdiction ...

Shearn Delamore & Co. | January 2021

The Brexit transition came to an end on 31 December 2020. Moving forward, the EU rules of law and legal system will no longer bind the UK, including for intellectual property matters ...

Shearn Delamore & Co. | January 2021

In this article, Yeoh Yu Xian sets out the key highlights from Malaysia’s 2021 budget. INTRODUCTION On 6 November 2020, the Malaysian Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, unveiled the Malaysian Budget 2021 (“Budget”). This Budget’s allocation of RM 322.5 billion is the largest on record for the country1 ...

Shearn Delamore & Co. | January 2021

A case note by Rajasingam Gothandapani and Lynnette Tan Hui Ling. INTRODUCTION It is trite that a declaration in Form D under section 8(1) of the Land Acquisition Act 1960 (“LAA”) lapses and becomes ineffective by effluxion of time if no award is made within two years from the date of its publication in the Gazette ...

Shearn Delamore & Co. | January 2021

In this article, Goh Hui Wen examines the proposed regulatory framework for digital banks in Malaysia. INTRODUCTION The global financial services industry has seen a momentous evolution over the past decades driven by new technology innovations. As customers gravitate towards digital experiences and products, the transformation of the traditional banking system has become inevitable ...

Shearn Delamore & Co. | January 2021

A case note by Elyse Diong Tze Mei. INTRODUCTION The recent case of Bellini Resources (M) Sdn Bhd v Mohamad Zaini bin Md Taha1 sets out the criteria for the preservation of the status quo pending trial where the ownership of a trade mark is in dispute ...

Shearn Delamore & Co. | January 2021

In this article, Benedict Ngoh Ti Yang looks at the new section 17A under the Malaysian Anti-Corruption Commission (“MACC”) (Amendment) Act 2018.   INTRODUCTION Pursuant to the recent Legal Notification PU(B) 247/2020, the Malaysian Anti-Corruption Commission (“MACC”) (Amendment) Act 20181 has come into force effective 1 June 2020. The principal effect of the MACC (Amendment) Act 2018 is the introduction of section 17A under the MACC Act ...

Shearn Delamore & Co. | January 2021

In this article, Gan Shao Qi discusses some of the recent measures announced to facilitate fund raising by listed issuers through a rights issue in Malaysia to assist companies and businesses that require access to immediate funding due to Covid-19 ...

Shearn Delamore & Co. | January 2021

Dear Clients and Friends  Drew Network Asia (comprising Drew & Napier LLC from Singapore, Makarim & Taira S. from Indonesia, and Shearn Delamore & Co. from Malaysia) is delighted to present a joint webinar with Omni Bridgeway, a leading global disputes finance company, on the enforcement of arbitral awards and foreign judgements in Singapore, Malaysia, and Indonesia. Details are set out below:   Date: Thursday, 14 January 2021 Time: 3.00 pm to 4.30 pm (SG/MY time) 2 ...

Shearn Delamore & Co. | January 2021

FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework ...

Shearn Delamore & Co. | December 2020

On 6 February 2020, the Industrial Relations (Amendment) Act 2020 (“IRA 2020”) received the Royal Assent and was gazetted on 20 February 2020.Earlier this month, the Minister of Human Resources in exercising his powers conferred under the IRA 2020, appointed that majority of the provisions in IRA 2020 will come into force on 1 January 2021, save for certain amendments relating to sole bargaining rights and essential services ...

Shearn Delamore & Co. | December 2020

The Industrial Court in Malaysia is an important institution that is established under the Industrial Relations Act 1967 to hear and decide on disputes in relation to the terms and conditions of employment in a collective agreement. In a collective agreement dispute, salary adjustments, increments and bonuses are usually the hotly contested articles. The Industrial Courts are usually guided by a set of principles in deciding on such financial-related articles ...

Shearn Delamore & Co. | December 2020

In a recent Malaya High Court decision, the owner of the vessel My Ferry 2 made a claimed based on a maritime lien pursuant to Section 21(3) of the UK Supreme Court Act 1981, which applies in Malaysia pursuant to Section 24(b) of the Courts of Judicature Act 1964.(1) The plaintiff alleged that the first defendant (tug KKD000132-T which had towed the second defendant's dumb barge Wantas 17) had collided into the plaintiff's vessel, the My Ferry 2 ...

Shearn Delamore & Co. | December 2020

Introduction Covid-19 has disrupted our lives and businesses at many unprecedented levels never seen before in the history of mankind. The recent announcements by numerous pharmaceutical companies of newly developed Covid-19 vaccines have been positively received by the world at large and many now have high hopes that our lives will now finally return to normal as we knew it1 ...

Shearn Delamore & Co. | December 2020

  Facts The recent high court decision in Straits Bunkering Pte Ltd v Ketua Pengarah Kementerian Perdagangan Dalam Negeri dan Hal Ehwal Pengguna Johor concerned an application with regard to the vessel MT Abbas, which had been arrested by the Southern Region Marine Department pursuant to Sections 491B(1)(k) and 491C of the Merchant Shipping Ordinance 1952 (MSO 1952).(1) Sections 491B(1)(k) and 491C of the MSO 1952 provide as follows: 491B ...

Shearn Delamore & Co. | December 2020

DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...

Shearn Delamore & Co. | November 2020

SC and Bursa extend temporary margin financing flexibilitiesOn 28 September 2020, the Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa”) extended the temporary relief measures relating to margin financing to 31 December 2020. The relief measures, which took effect on 27 March 2020 via Participating Organisations’ Circular No. R/R 6 of 2020, were initially due to expire on 30 September 2020 ...

Shearn Delamore & Co. | November 2020

Income tax The Income Tax (Prescribed Fees under Schedule 5 to the Act) Rules 2020 have been gazetted on 22 September 2020 and have come into operation on 25 September 2020. The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:i. Appeal Against an Assessment and Application for Relief (Public Ruling No. 7/2020) issued on 7 October 2020 to replace Public Ruling No. 12/2017 dated 29 December 2017;ii ...

dots