COMPANIES ACT 2016- A statement included in a prospectus or statement in lieu of prospectus shall be deemed to be untrue if it is misleading in the form and context in which it is included. 2016 Prospectus
COMPANIES ACT 2016
A statement included in a prospectus or statement in lieu of prospectus shall be deemed to be untrue if it is misleading in the form and context in which it is included.
Under the Companies Act 2016, a statement contained in a prospectus or statement in lieu of prospectus is deemed to be untrue not only when it is factually false, but also when it is misleading in the form and context in which it appears. This provision recognises that information may deceive investors even if each individual statement is literally accurate.
A statement may be misleading because of the way it is presented, the omission of material information, the use of ambiguous or selective language, or the overall impression it creates when read together with the rest of the prospectus. Consequently, the legal assessment focuses not only on the literal truth of the words used but also on whether a reasonable investor would be misled by the statement in its proper context.
For example, a prospectus may accurately describe a company's recent financial performance but fail to disclose significant liabilities, pending litigation, or material adverse developments. Although the disclosed information may be factually correct, the omission of material facts could render the overall statement misleading and therefore deemed untrue under the Act.
This provision reinforces the principle of full, fair, and accurate disclosure in securities offerings. Investors rely on prospectuses when deciding whether to subscribe for or purchase securities. Accordingly, issuers, directors, promoters, experts, and other persons responsible for preparing a prospectus must ensure that the document presents information honestly, completely, and in a manner that does not create a false or misleading impression.
Failure to comply with this requirement may expose the responsible parties to civil liability, criminal liability, or regulatory enforcement action, depending on the circumstances and the applicable provisions of the Companies Act 2016 and other relevant legislation.
A statement included in a prospectus or statement in lieu of prospectus shall be deemed to be untrue if it is misleading in the form and context in which it is included.
Under the Companies Act 2016, a statement contained in a prospectus or statement in lieu of prospectus is deemed to be untrue not only when it is factually false, but also when it is misleading in the form and context in which it appears. This provision recognises that information may deceive investors even if each individual statement is literally accurate.
A statement may be misleading because of the way it is presented, the omission of material information, the use of ambiguous or selective language, or the overall impression it creates when read together with the rest of the prospectus. Consequently, the legal assessment focuses not only on the literal truth of the words used but also on whether a reasonable investor would be misled by the statement in its proper context.
For example, a prospectus may accurately describe a company's recent financial performance but fail to disclose significant liabilities, pending litigation, or material adverse developments. Although the disclosed information may be factually correct, the omission of material facts could render the overall statement misleading and therefore deemed untrue under the Act.
This provision reinforces the principle of full, fair, and accurate disclosure in securities offerings. Investors rely on prospectuses when deciding whether to subscribe for or purchase securities. Accordingly, issuers, directors, promoters, experts, and other persons responsible for preparing a prospectus must ensure that the document presents information honestly, completely, and in a manner that does not create a false or misleading impression.
Failure to comply with this requirement may expose the responsible parties to civil liability, criminal liability, or regulatory enforcement action, depending on the circumstances and the applicable provisions of the Companies Act 2016 and other relevant legislation.
《2016 年公司法》
如招股说明书（Prospectus）或代替招股说明书（Statement in Lieu of Prospectus）所载的任何陈述，就其载列的形式及整体内容而言具有误导性，则该陈述应视为不真实（Untrue）。
根据《2016年公司法令》，载于**招股说明书（Prospectus）或代替招股说明书（Statement in Lieu of Prospectus）**中的陈述，并非只有在内容与事实不符时才会被视为不真实；若该陈述因其表达方式、呈现形式或整体语境而具有误导性，同样会被依法视为不真实。
此项规定确认，即使个别陈述在字面上属实，仍可能因整体表达方式而误导投资者，因此构成法律上的“不真实陈述”。
某项陈述可能因以下情况而具有误导性：
• 陈述的表达方式具有误导效果；
• 遗漏重要或关键资料（Material Information）；
• 使用含糊不清、片面或具选择性的措辞；
• 与招股说明书其他内容一并阅读时，整体上产生错误或误导性的印象。
因此，在判断某项陈述是否属于“不真实陈述”时，法律不仅考虑文字本身是否真实，更会从整体内容及实际效果出发，评估**一名合理投资者（Reasonable Investor）**在阅读有关陈述时，是否可能因此受到误导。
例如，招股说明书准确披露公司近期财务表现，但未披露公司存在重大负债、尚未解决的重大诉讼、重大财务风险或其他可能对公司经营造成重大不利影响的事项。虽然已披露的资料本身完全正确，但由于遗漏了足以影响投资决定的重要事实，整体陈述仍可能构成误导，并因此根据《2016年公司法令》被视为不真实陈述。
本条文进一步体现证券发行制度所遵循的充分披露（Full Disclosure）、**公平披露（Fair Disclosure）及准确披露（Accurate Disclosure）**原则。
投资者在决定是否认购或购买证券时，主要依赖招股说明书所载资料。因此，发行人（Issuer）、董事（Directors）、发起人（Promoters）、专家（Experts）及其他负责编制招股说明书的人士，均有责任确保招股说明书：
• 内容真实；
• 披露完整；
• 表达准确；
• 不会因陈述方式、遗漏重要资料或整体内容而产生虚假或误导性的印象。
若未能遵守上述要求，相关责任人士可能须依据《2016年公司法令》及其他适用法律承担：
• 民事责任（Civil Liability）；
• 刑事责任（Criminal Liability）；或
• 监管机构采取的执法行动（Regulatory Enforcement Action），具体责任将视个案事实及适用法律而定。
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条文的立法目的
上述条文具有以下重要作用：
• 明确“不真实陈述”不仅包括事实错误的陈述，亦包括因表达方式、整体内容或遗漏重要事实而具有误导性的陈述。
• 强调判断陈述真实性时，应综合考虑其整体形式、语境及对合理投资者可能产生的影响，而非仅依据字面内容。
• 防止发行人透过片面披露、选择性陈述或遗漏重大事实误导投资者。
• 强化证券发行过程中充分、真实、公平及准确披露的法律原则。
• 保障投资者能够依据完整及真实的信息作出知情投资决定。
• 提高发行人、董事、发起人、专家及其他参与编制招股说明书人士的法律责任及问责性。
• 维护马来西亚资本市场的透明度、公平性及诚信，增强公众及投资者对证券市场的信心。
Aug 05,2026