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.
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.
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.
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.
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.
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.