CORPORATE LIABILITY LAW TO FIGHT CORRUPTION IN CORPORATE WORLD

12 Jul 2013 11:19

SHAH ALAM, July 8 (Bernama) -- Minister in the Prime Minister's Department Datuk Paul Low Seng Kuan said the government would be pushing for a corporate liablity law to fight corruption in the corporate world, after a prolonged fight against the crime in the public sector.

He said the draft of the bill was in the final phase of preparation.

"The new law, among other proposes, is for the chief executive officer as well as the board of directors of a company to be held responsible, should any of its employees was caught for bribery.

"Unless they can prove they have put in place reasonable amount of preventive measures, they will be equally responsible.

"Quite often, when an employee bribed other parties, it was in the knowledge of the chief executive officer or even the board of directors."

Low said this in his speech at the closing of the conference on 'Integrity and Good Corporate Governance in the Public and Private Sectors, organised by the Selangor State Development Corportion (PKNS), here, today.

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Besides targeting the corporate sector, Low said the government was also establishing sectoral anti-corruption coalitions involving all stakeholders from both the public and private sectors.

For example, he said, a memorandum of understanding signed between the Malaysian Anti-Corruption Commission and Public Works Department had spearheaded the process of forming an anti-corruption coalition for the construction sector comprising all stakeholders including market leaders, contractors, surveyors, professionals, as well as government agencies.

Low said he was also cooperating with the ministries at the federal and state levels to put institutional structures to fight corruption and promote good governance, starting with the Ministry of Urban Wellbeing, Housing and Local Government.

"I will be working with the ministers because I don't believe that change will come unless the ministers themselves, the chief secretary, the director- general themselves...have ownership of it," he said.

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