Employment contract without notice period

Hi Expats,

I am working in Malaysian Advertising company for one year. I am holding employment visa. For every year my company will renewal my contract through Multimedia Development Corporation(mdec). In my employment contract there is no notice period. If I want to resign my job they mentioned as I have to pay the salary for rest of the month until my visa expires.

During the contractual period, if either party wishes to dissolve the contract. The party initiating the dissolution needs to compensate the remaining party the amount, calculable total salary payable for the months leading up to the end of the contract.

Now My current company extended my visa for one more year.

But I got new job offer now in other company. They are ready to provide me new employment visa. But they asked me to cancel the current visa.

In this situation What should I do now? If I talk to my current company HR regarding resignation they ask me to pay for 11 month salary as per in contract statement. I can't afford that much amount. Is there any other way to get released mutually by paying 1 or 2 month salary.


can you please suggest me? I am totally confused