Guidelines on Adequate Procedures

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

ON Dec 10, 2018, Prime Minister Tun Dr Mahathir Mohamad launched the “Guidelines on Adequate Procedures”, which seek to provide further clarity on the soon-to-be-enforced Section 17A of the Malaysian Anti-Corruption Commission (MACC) Act.

Under the new legal provision, commercial organisations in Malaysia such as companies, partnerships and limited liability partnerships are required to introduce “adequate procedures” to prevent acts of corruption related to the organisations.