Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 84

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 84
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 Employees Provident Fund, the Employment Insurance System and the Employees Social Security
Fund. The contributions are premised on the statutorily prescribed rates under the Employees Provident Fund Act 1991 of Malaysia,
Employment Insurance System Act 2017 of Malaysia and Employees’ Social Security Fund Act 1969 of Malaysia.

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Worker Classification

Under Malaysian law, an “employee”
means a person engaged under a contract of service while an “independent contractor” means a person engaged pursuant to a
contract for services. The Malaysian Employment Act defines “contract of service” as any agreement, whether oral or in writing
and whether express or implied, whereby one person agrees to employ another as an employee and that other agrees to serve his or her employer
as an employee and includes an apprenticeship contract. There is no single legal test to determine whether a person is engaged as an employee
or an independent contractor. The degree of control exercised over the person engaged is an important factor but not the sole criteria
in making a determination. The Industrial Court of Malaysia will examine all facts and circumstances and the conduct of the parties, including
but not limited to the degree of control, whether there is a fixed compensation package or whether the individual undertook a business
risk, exclusivity, whether any statutory contributions (such as the Employees Provident Fund) have been made and the contractual terms
of the engagement in determining the status of an employee or independent contractor.

Competition Law

The competition law in Malaysia
achieves this by prohibiting two categories of activities: (i) anti-competitive practices and (ii) abuse of dominant positions,
and the Competition Act 2010 of Malaysia is generally enforced by the Malaysia Competition Commission (the “MyCC”),
save for competition issues arising in specific sectors (such as the telecommunications sector, the aviation sector and the energy and
gas supply sector which fall under the relevant applicable laws and are regulated by other regulators). The Competition Act 2010 of Malaysia
applies to all commercial activities which have an effect on competition in any market in Malaysia, whether such activities are carried
out within or outside Malaysia. Infringements of the Competition Act 2010 of Malaysia may result in, among other things, the imposition
of a financial penalty of up to 10% of the worldwide turnover of the enterprise for the period during which the infringement occurred.
The MyCC may also take other actions, including issuing cease and desist orders. Infringements of