MACC chief: Public-listed companies must have adequate anti-corruption procedure


  • Nation
  • Tuesday, 15 Sep 2020

KUALA LUMPUR: Public-listed companies and organisations involved in high-value projects must have adequate anti-corruption procedure, says Malaysian Anti-Corruption Commission (MACC) chief commissioner Datuk Seri Azam Baki (pic).

He said Section 17A of the MACC Act 2009 which came into effect on June 1 allows the anti-graft body to go after companies involved in corrupt practices

“As the new law has not been tested yet, the MACC will be setting a standard threshold on the value of the project that commercial organisations are involved in,” said Azam

He said the MACC understood that at this moment, not all commercial organisations had set up adequate procedures yet.

"However, organisations such as public-listed companies and companies involved in projects valued in huge amounts must ensure that they have set up adequate procedure," he said in his speech at the Corporate Liability - Are You At Risk Forum here on Tuesday (Sept 15).

Azam said the seriousness of the offence under Section 17A should not be disregarded as the director, controller, officer or partner of a commercial organisation, as well as those in the management of the organisation’s affairs, would also be liable under the provision.

"Section 17A aims at having all and if not most companies in Malaysia prepared with preventive measures against corruption in its management.

"The corporate world cannot hide, 'sacrificing' individual employees; they must be accountable for the actions of employees,” he said.

Azam added that the implementation of Section 17A was a preventative, and not punitive, measure.

“The MACC will not be knocking on the door of each commercial organisation to show that it has implemented adequate procedures. The company must prove that it has done all that it can to ensure that anyone associated with it or employed by it does not commit corruption,” he said.

Azam said that companies could prove this by showing that adequate procedures were communicated, implemented and enforced effectively within the company.

He added that the Minister in the Prime Minister’s Department had issued guidelines on what could be seen as adequate measures in line with Section 17A; moreover, the National Centre for Governance, Integrity and Anti-Corruption had also prepared a guidebook on the guidelines on adequate procedures which can be downloaded at www.giacc.jpm.gov.my.

"As mentioned in the guidelines, its objectives are merely to assist the commercial organisation in understanding what adequate procedures should be implemented in its organisation to prevent the occurence of corrupt practices in their business activities," he said.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Nation

Six-foot python found in washing machine at Johor launderette
Telecommunication tower to be built on Pulau Sipadan
GE15: Azmin ready to take on Anwar, family in Gombak
Fear, confusion and anxiety overwhelming Opposition as GE15 nears, says Zahid
Kelantan Umno to submit list of GE15 candidates on Oct 3
Sabah Pakatan slams Shafie over claims leaders did nothing on state rights
Child abuse: 37 out of 88 cases reported in Melaka involve sexual abuse, says exco
Friday sermons should not touch on politics, says deputy minister
GE15: Break with Bersatu, exit Perikatan if you want to work with Umno, PAS told
Entrepreneur recounts facing discrimination, hardship after winning award

Others Also Read