Corporate Governance

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Top management can’t claim ignorance of graft under new law, says MACC

12 June 2020

Jayantha Gupta, a senior Malaysian Anti-Corruption Commission (MACC) officer said that companies have the responsibility to show proof of due diligence. Risk assessments on gift policies will be measured on low, middle and high positions. Gupta, from the MACC’s community relations branch,  said any form of gratification will be included as an offence. Section 17A of the MACC Act rules that a commercial organisation can be found guilty if individuals involved with the organisation give or agree to give any form of bribes with the intention of enabling the business entity to profit from the transaction. The section was meant to prevent abuse of power among top management and decision-makers, according to Gupta.

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Wrong timing for corporate liability law, say employers

23 May 2020

The Executive Director Datuk Shamsuddin Bardan of Malaysian Employers Federation maintains this is not a suitable time to introduce a corporate liability law to make a commercial organisation liable if any of its employees or allies are found to be involved in corrupt practices that benefit the organisation citing employers are already badly hit by Covid-19 and are currently saddled with sustainability issues. Shamsuddin called for Section 17A not only to target the private sector but also the public sector if the government wanted to eradicate corruption. The Prime Minister’s Office (PMO) announced that the Government would go ahead with the provision in Section 17A of the Malaysian Anti-Corruption Commission (MACC) Act 2009 and carry on with the implementation of the corporate liability law on June 1, 2020.

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Undang-undang liabiliti korporat berkuat kuasa 1 Jun, kata JPM

21 May 2020

Pelaksanaan undang-undang Liabiliti Korporat kekal berkuat kuasa mulai 1 Jun ini.

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Govt should give more time before enforcing CL17A — Akhbar Satar

2 May 2020

Malaysian Association of Certified Fraud Examiners president Datuk Seri Akhbar Satar said in order to give companies sufficient time to put up the required procedures in place especially when the Covid-19 pandemic has affected businesses, the government should defer the enforcement of the CL17A  section under the Malaysian Anti-Corruption Commission (MACC) Act 2018 that is to take effect from June 1, 2020 to June 1, 2021. He also suggested for MACC relook to improve the newly introduced CL17A based on world standards and that MACC should offer and add a Deferred Prosecution Agreement (DPA) clause in the MACC Act 2009 as practised in the UK and Singapore.

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Controversial Hospital Sale in Malaysia Draws Questions

14 February 2020

Prince Court Medical Centre in Kuala Lumpur which started as a luxurious medical tourism facility in 2007 was bought over by sovereign wealth fund Khazanah Nasional from Petronas in 2018. It has since gathered a sum of RM600 million (US$144.9 million) loss. This re-instituted the worry about kleptocracy in transferring the assets to private interest and run the risk of tainting Malaysia’s reputation for top-class medical care. Alleged insurance frauds were reported and the CEO Chong Su-Lin left following complaints of misconduct filed with the Malaysian Medical Council (MMC) in 2016.

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No to foreigners heading Prasarana, MAHB, say Loke and Guan Eng

17 January 2020

Transport Minister Anthony Loke said that the two new chief executive officers of Prasarana Malaysia Bhd and Malaysia Airports Holdings Bhd (MAHB) will be locals since the two are strategic assets of the government.

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Dr Mahathir: GLC mismanagement among reasons govt insists on having golden share

14 January 2020

Prime Minister Tun Dr Mahathir Mohamad said that the government’s golden share in selected Malaysian government-linked companies’ (GLCs) is caused by mismanagement of the companies. The golden share allows the government to overrule board recommendations for top-management appointments or exert more controls on the these companies if needed. 

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Khazanah MD to govt: Control GLCs via regulators, not golden share

14 January 2020

Datuk Shahril Ridza Ridzuan, the Malaysian sovereign wealth fund Khazanah Nasional Bhd’s managing director said industry regulators are suffice to regulate government-linked companies (GLCs) instead of the golden share. Malaysia has good regulators for industries such as energy, aviation and telecommunication sectors.

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Bursa Malaysia to revise listing rules to support national anti-corruption agenda

18 December 2019

Bursa Malaysia Bhd will be changing the listing requirements for the ACE and Main Markets to cover anti-corruption measures in support of the National Anti-Corruption Plan 2019-2023. The measures will become operative on June 1, 2020 to provide listed issuers assurance and a defence against corporate liability for corruption under section 17A of the Malaysian Anti-Corruption Commission Act 2009.

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Top public-listed companies transparent in corporate reporting are GLCs — report

7 November 2019
Eight out of Malaysia’s top 10 public-listed companies scoring the highest in corporate reporting transparency are government-linked. The rankings were revealed in the Malaysian Institute of Corporate Governance (MICG) 2019 report titled Transparency in Corporate Reporting: Assessing Malaysia’s Top 100 Public Listed Companies (TRAC Report 2019). The anti-corruption report sought to examine whether the top 100 largest Malaysian-listed companies’ (by market capitalisation) anti-corruption programmes have grown stronger since the first report in 2017; as well as their corporate liability readiness in terms of having established adequate procedures, before the enforcement of corporate liability for corruption offences under the Malaysian Anti-Corruption Commission (Amendment) Act 2018 in June 2020. Bursa Malaysia Bhd chairman Datuk Shireen Ann Zaharah Muhiudeen said the private sector and the business community must play their parts, as the country moves forward in its anti-corruption agenda.

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Mara Corp urges Mara to not delay asset transfer

29 October 2019
Mara Corp chairman Akhramsyah Muammar Ubaidah Sanusi urges the consolidation of all commercial entities under Majlis Amanah Rakyat (Mara) to Mara Corp Sdn Bhd Mara to ensure full compliance with the Ministry of Finance’s (MoF) instructions and in line with good governance practices set by the government. Akhramsyah said the agency is “taking its time” to transfer all of the related assets into the investment holding firm which might cause an unwanted stamp duty tax exemption which is worth more than RM10 million.

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