Pay A “Facilitation Fee” or Risk Loss of Business?
Sujatha Sekhar Naik, Chairman, Malaysian Institute of Corporate Governance | Lim Koon Huan, Partner, Skrine
07-Jun-24 12:00
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We address the critical issue of corruption impacting small and medium-sized enterprises (SMEs) in Malaysia. A recent Association of Chartered Certified Accountants (ACCA) report reveals that 63% of SMEs fear rejecting bribery could lead to business loss. This highlights the significant challenges in maintaining ethical standards while competing in the market.
We explore the types of corruption SMEs encounter, such as bribery and favouritism, and the legal and economic repercussions of engaging in corrupt practices. We also discuss the role of industry associations and government in supporting SMEs, the effectiveness of anti-corruption laws, and the psychological impacts on SME owners and employees.
Joining us are Lim Koon Huan, Partner at Skrine, and Sujatha Sekhar Naik, Chairman of the Malaysian Institute of Corporate Governance, to share insights and strategies to help SMEs uphold integrity in the face of corruption.
Produced by: Carol Wong, Richard Bradbury
Presented by: Richard Bradbury
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Categories: Corporates, managing, corruption, SME
Tags: anti-corruption laws, ethical business, corruption, bribery,