The Sun, 11 October 2000
ACA to fight graft in stock market
Agreement signed to ensure a healthy investment industry.
KUALA LUMPUR, Tues : The Anti Corruption Agency (ACA) is a step further in combating corruption in the share market by having a cooperation with the Malaysian Investors' Association.
It is the first agreement signed between the ACA and a non governmental agency, meant to create a clean and healthy environment for the investment industry in Malaysia, ACA deputy director general Datuk Mohd Zawawi Nordin said.
"Normally, people are reluctant to inform us about corruption-related matters. This cooperation would enable us to channel our expertise to investigate corruption activities.
"Economic crimes are often caused by an individual's integrity or weaknesses. Our approach is to increase awareness, especially on the responsibilities of a company director," Zawawi told reporters here today after signing a memorandum of understanding with MIA, represented by its president Dr.PHS.Lim.
Mohd Zawawi was acting on behalf of ACA director general Datuk Ahmad Zaki Husin. Witnessing was Yunus Rahmad, political secretary to Minister in the Prime Minister's Department Datuk Dr Rais Yatim.
Earlier, Yunus represented Rais to officiate a two-day seminar on Effective Prevention of Computer and Economic Crimes, organised by MIA. In his speech, he reminded Internet users to abide by the existing cyber laws including the Computer Crimes Act, Telemedicine Act, Digital Signature Act, Copyright (Amendment) Act and Communications and Multimedia Act.
Asked what triggered MIA to establish a cooperation with the ACA, Lim said the association is aware that some companies need to be checked for corruption activities. "We received complaints that some companies are not operating up to mark. They indulge in economic wastage such as parties, chartered aeroplanes and others, whereas the money should serve the good of the shareholders.
"Under the Society Act, we do not have the expertise or the right to investigate them or look into their accounts. This is where we need the ACA's help," he said.
Lim also said MIA is concerned about the possibility of Internet fraud where people can offer shares through the Net, because he said many Malaysians are naive about this.