Rafizi says a law to restrict rent-seeking activities could be brought to Parliament by the end of this year. – Bernama photo
KUALA LUMPUR (Feb 29): A law to restrict rent-seeking activities could be brought to Parliament by the end of this year, Economy Minister Rafizi Ramli said.
In a parliamentary written reply yesterday, he said the government was studying the framework to support such a law.
“The aim is to gain clear perspective on the Ali Baba related issues as it involves various sectors and requires appropriate legal actions.
“The government is targeting to table the Act in Parliament by year-end,” Rafizi said.
Rent-seeking is the act of generating personal wealth by exploiting the sociopolitical environment without contributing to the overall market.
Rafizi was responding to several MPs who asked the government to explain the progress of enacting the law and its justification.
Rafizi said the law was mooted as there were currently no existing legislation that could effectively and comprehensively curb such practices.
The minister added that the drafting of the Bill will include input from various stakeholders.
Laws such as the Malaysian Anti-Corruption Commission Act 2009, Competition Commission Act 2010, Companies Act 2016, and existing by-laws are related to rent-seeking but do not expressly restrict the practice. – Malay Mail