Economy minister Akmal Nasir told the Dewan Rakyat that various options are being examined with stakeholders to ensure the proposed measures under the new anti-rent seeking law have an effective deterrent effect. (Bernama pic)KUALA LUMPUR: A bill to curb rent-seeking or "Ali Baba" practices is expected to be tabled in Parliament by 2027, according to economy minister Akmal Nasrullah Nasir.

He said a study by the ministry found that existing legal provisions, including local authority by-laws, were limited in scope and unable to curb the illegal transfer of licences and contracts to foreigners.

"The economy ministry is conducting a study to develop a regulatory framework and relevant legislative proposals to address rent-seeking or 'Ali Baba' practices, which can undermine market efficiency and national productivity.