ANTI-CORRUPTION LANDSCAPE AND CORRUPTION RISK MANAGEMENT, DOING GOOD AND ETHICAL BUSINESS
A team from the Malaysian Anti-Corruption Commission (MACC) delivered a range of knowledge on all aspects of anti-corruption including types of corruption, investigations and case studies alongside lessons learned and the anti-corruption landscape from a local and international point of view to i2M Ventures Sdn Bhd.
The MACC Act 2009 and other laws and regulations were highlighted to provide the local perspective, while the importance of the international laws came into play with the involvement of foreign funds and laws and regulations alongside enforced cases from the USA (Foreign Corrupt Practices Act) and UK (UK Bribery Act 2010) and consequences of non-compliance was discussed. The management was also given an in-depth brief on why corruption risk assessment was important in making strategic decisions and how to engage in corruption risk management exercise.
The message was clear, i2M with its strategic business, need to be ready for both local and international laws and there was a need to invest in anti-corruption measures to source doing business with good and ethical partners and funds. The exploration of anti-corruption measures and this event came as a form of learning how to filter the good from the bad when dealing with investors and funds entering Malaysia.
i2M Ventures Sdn Bhd, a wholly-owned subsidiary of Khazanah Nasional Berhad, was established in 2012 as a company that focuses on the development of strategic investment promotion initiatives for the Business Services and Shared Services & Outsourcing (“SSO”) sector in Nusajaya, Iskandar Malaysia.
i2M’s key mandate is to attract and facilitate local and foreign corporations (within the Business Services and SSO segments) to set up centres in Nusajaya. The development of these targeted business segments is central and strategic to the overall positioning of Nusajaya, Iskandar Malaysia, as a premier business location in the region.
Essentially, i2M aspires to put Iskandar Malaysia in the limelight as a major potential hub for the region’s outsourcing market.
As a “corridor” type of company, and taking in consideration the type of business being the attraction of foreign funds into Malaysia, the management wanted to learn more about the anti-corruption landscape from a local and international perspective.
The MACC team came from various departments, with members of the Inspection and Consultancy Division including Zakiah Hassan, Teh Chau Chin, Datin Radhika Nandrajog, Mohd Hasraff Hashim, and members Jayantha Kumar Sen Gupta from Community Education Division and Kanakaraja Muthusamy from Forensic Division.