CHIT FUND COMPANIES (Particulars)

Mr P. Govindaswamy asked the Minister for Finance how many chit fund companies are licensed, and how many of them are operating.

Mr Hon Sui Sen: Mr Speaker, Sir, 57 chit fund companies were granted licences on 1st July, 1972, under section 7 of the Chit Funds Act. Of these, 22 companies have had their licences renewed and are still in operation as at 11th July, 1973.

Mr Hwang Soo Jin (Jalan Kayu): Mr Speaker, Sir, can the Minister tell the House what is the position of those companies which have gone into voluntary liquidation? I have heard that some of these companies are taking their own sweet time to finalise matters. Will the Minister consider imposing a time limit for these companies to complete their liquidation?

Mr Hon Sui Sen: Sir, if the Member could give me particulars of those companies that are delaying their liquidation, I assure him that I will look into the matter.