Nearly 1,000 GLCs - Who are they? How much money did the Malaysian government earn?Govt employees in GLCs?

Nearly 1,000 GLCs - but alas, where is the list of these Government-Linked Companies? How many are 100% owned? How much money did we Malaysians earn from these 1,000 companies?

YES - we, Malaysians owned these GLCs - but unfortunately being government-linked companies, it is sad that there is insufficient accountability to the people.

Guess what, public servants are also working for(or in) some of these GLCs. MACC just disclosed that they have 'integrity officers' in about 30 GLCs (about 45 officers) - and. I guess they are being paid by government (our Money?)...and, is this right? Should not these GLCs, which for all intents and purposes are considered 'private companies'.

The Malaysian Anti Corruption Commission (MACC) hopes to increase the number of integrity officers in government-linked companies (GLCs) and agencies....“For now, we only place officers in about 30 GLCs because we have to stick to our budget and also because of manpower..."We have a total of 43 officers in the GLCs to monitor and promote integrity in the workforce and prevent corrupt practices,”

Being GLCs or government owned companies, are they even being monitored by the Auditor General? Because wasting money, or 'embezzling money' is OUR business - because a loss of profits directly impacts us, as Malaysians.

Are the GLCs even accountable to Parliament >> I suggest that we need Parliamentary Select Committees (or maybe a few Select Committees) to continuously monitor these GLCs. We do not only want to be informed when they have financial losses - and require an injection of more public funds to be bailed out. We remember our Malaysian Airlines...

1MDB is, I believe, a 100% government owned company - and it has caused us a great RISK - having taken out loans amounting to billions. 

What happens to our money in GLCs is a great concern? The about RM2.6 billion in Najib's account - if the money came from third parties, then we are concerned about 'CORRUPTION' - but, if the money came from 1MDB, then we are concerned about EMBEZZLEMENT, or maybe even THEFT. 

Since 1MDB is a GLC, and government-owned, then any hanky panky there may be CRIMINAL BREACH OF TRUST - remembering that the Finance Minister(and the Prime Minister) is directly responsible...Whose TRUST - well, it would a breach of trust of all us Malaysians...And, we are not just talking about the CBT offence ... but more than that even if no CBT offence is committed.

Now, in the RM2.6 billion case, the focus seems to be on the SOURCE of the money > but I believe, we must be looking deeper. It matters not whether Najib took any money > but more importantly whether there has been a Breach of Trust in the dealings of 1MDB, the purchases and sales it was involved in, etc... That is a totally new area of concern, and Malaysia needs to start looking at this bigger concern soon...

Malaysian Airlines suffered great losses > Who is to be blamed? So far, no one has been named? Why? 

....

Wednesday, 9 March 2016 | MYT 12:34 PM

MACC to increase integrity officers at GLCs

by loshana k shagar

KUALA LUMPUR: The Malaysian Anti Corruption Commission (MACC) hopes to increase the number of integrity officers in government-linked companies (GLCs) and agencies.

Deputy Minister in the Prime Minister’s Department Datuk Razali Ibrahim (pic) said he was all for having more officers at GLCs but there were limitations. 

“For now, we only place officers in about 30 GLCs because we have to stick to our budget and also because of manpower. 

"We have a total of 43 officers in the GLCs to monitor and promote integrity in the workforce and prevent corrupt practices,” he said to a question from Datuk Noraini Ahmad (BN – Parit Sulong) in the Dewan Rakyat.

Razali, the minister in charge of the MACC, said there were nearly 1,000 GLCs in Malaysia and not nearly enough officers. 

"However, in two years since we had an integrity unit, the impact is quite visible based on our inspections. 

"More civil servants are taking the initiative to report corruption and compliance with circulars has increased in 2015 compared to the year before,” he said.

Nation

Monday, 17 February 2014

Seeing red over white collar crimes

by zainal azhar mohamed

PETALING JAYA: A whopping RM1.775bil was lost through scams, embezzlement, criminal breach of trust and other white collar crimes last year.

The amount, which almost equals the state budget of Selangor, reflects the low level of awareness about such crimes among Malaysians.

According to Bukit Aman’s Commercial Crimes Investigation Department’s (CCID) senior deputy investigation director Assistant Commissioner Najmi Mustaffa (pic), cheating scams and CBT made up most of the cases while the others were misappropriation of funds, cyber crimes, fraud, counterfeit money, illegal money lending, money laundering and sale of illegal VCDs and DVDs.

“Although a total of 16,661 cases were recorded last year, a 9.4% drop against the 18,386 in 2012, the amount involved surged by more than RM155.95mil,” he told mStar.

The highest losses due to white collar crimes were recorded in Kuala Lumpur with 2,279 cases involving RM943mil, followed by 3,248 cases in Selangor (RM281mil) and 1,294 cases in Perak (RM108mil).

Najmi said in most of the CBT cases, the culprits were usually those responsible for looking after shares, assets or providing approval for cash transactions. 

On cheating cases, ACP Najmi said the two major contributors were the African Scam whose perpetrators use the Internet to find victims and the Macau Scam in which the crooks usually use phone calls to snare victims. 

“The first is mainly led by Africans who enter the country on the pretext of pursuing higher education but use the social media to look for victims here,” he said.

“In the Macau Scam, the cheats would make phone calls claiming to be officers from Bank Negara Malaysia or policemen from CCID to transfer money from the victims’ account to theirs. 

ACP Najmi urged the public to be more cautious and suspicious in cash and investment transactions.

“Victims often put their trust in the suspects and do not bother to double check or make any referrals before making transactions. With today’s technology, cheating can occur easily because supposed proofs, including documents, could be falsified,” he said. 

He said the CCID expected a bigger challenge in addressing white collar crimes this year and hoped that the trend would not cause adverse impacts on foreign investment and the country’s economy. 

“CBT cases in corporate companies can have serious implications on foreign investor trust,” he added. 

He said among the cases which contributed to the loss of more than RM1bil last year was one involving a foreign bank. 

Najmi said misappropriation of funds caused the bank to incur a loss amounting to RM220mil. 

An approved loan for the amount was not in accordance with Bank Negara regulations. 

“After a police report was lodged, we investigated the case. I can’t reveal more because it is still being investigated,” he said. - Star, 17/2/2014