KUALA LUMPUR: Government-linked companies (GLCs) and government-linked investment companies (GLICs) must uphold integrity when handling public funds, stated Deputy Prime Minister Datuk Seri Fadillah Yusof.
Such practices should become the norm and must include good governance, transparency, and accountability.
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Fadillah addressed concerns following nearly RM44mil in losses by GLCs Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) over their investment in FashionValet, involving public funds.
He made these remarks to the media after launching the National Integrity Month 2024, organised by the Integrity Institute of Malaysia (IIM), at Matrade on Tuesday (Nov 5).
Fadillah announced that November will feature activities to instil the importance of integrity among the population.
"Integrity is essential not only for the public sector but also for the private sector, including GLCs, GLICs, and individuals, as we discuss integrity at every level.
"It involves accountability in using people’s funds for investments, with an emphasis on values like good governance, transparency, and accountability," he said.
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Addressing an audience of 600 from various government agencies, Fadillah emphasised that ethical business practices attract investment and build trust among stakeholders.
"Integrity is crucial for sustainable business success. Ethical practices not only attract investment but also foster trust among consumers and business partners.
"The strengthening of the ringgit has potential to lower imported goods prices, reduce inflation, and increase purchasing power.
"It boosts investor confidence, both domestic and foreign, with inflation expected to remain below 3%, based on first-half progress this year.
"Malaysia recorded a 5.9% GDP growth for the second quarter of 2024.
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"Our progress in the Sustainable Development Goals shows a 43% rate, compared to the global average of 17%.
"These achievements are due to integrity and good governance as our foundation," said Fadillah.
He reminded civil servants of their duty to uphold transparency and accountability as the backbone of government administration.
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"Policies like the National Anti-Corruption Strategy (NACS) demonstrate the government’s commitment to combating corruption and power abuse.
"NGOs and civil society play key roles in raising awareness and monitoring government policies. I urge strengthening cooperation between the government, NGOs, and civil society to empower integrity in our country.
"The public must understand corruption is a national development enemy and should voice governance opinions, especially at grassroots levels," said Fadillah.
At the same event, IIM CEO Rahman Mohd Din stressed the need for the system to ensure both bribe givers and recipients face court.
"Usually, only recipients go through courts here. Those offering bribes must also be penalised," said Rahman, as IIM celebrated its 20th anniversary this year.
