18th March 2021 marks the first prosecution under the s17A MACC Act. Read about it in https://www.theedgemarkets.com/article/offshore-company-first-be-charged-under-maccs-new-law
The case involved corruption of RM321,350.00 paid to secure a subcontract from Petronas Carigali Sdn Bhd. Although the alleged corruption was committed by a former director, nevertheless the company was also charged under s17A. It must be noted that once a company is charged, its (current) directors can also be held liable.
This shows the seriousness with which MACC looks at s17A MACC Act. Companies would do well to take heed of this first salvo of a warning issued by the MACC, and undoubtedly there will be many more to come.
It’s time to take the preventive measures required by the Act seriously, in order that should there be any corrupt acts committed, the company and the current directors would not be held personally liable.
For any queries on s17A, do contact Alan Kiru at [email protected]
