Sabah’s government-linked company (GLC) – Asian Supply Base Sdn Bhd (ASB) became the first oil and gas logistics port in the country to sign a Corporate Integrity Pledge (CPI) with the Malaysian Anti-Corruption Commission (MACC).
The signing of the pledge today was a boost to the Malaysian GLC’s image, thus, encouraging more foreign direct investment (FDI) into the island, in particular.
Chief executive officer Datuk Harris Tan said that the integrity was a vital issue focused by foreign companies before deciding on their investment in the country.
“Of course the signing today is another milestone to ASB and in line with the government’s aspiration. What is important, it will help boost foreign investors’ confidence level towards our ability in our management. We want to show to the foreign players dealing with us in particular that Malaysian companies have integrity and are free from fraud and corrupt elements,” he told a joint press conference with MACC after the signing ceremony Monday.
Harris said the integrity pledge would ensure ASB had a culture of best practice in its management that would in turn help see more foreign investment in the future.
More than 80 foreign companies, with assets of hundreds of millions are currently operating within the ASB.
“As the front liner dealing with foreign companies, we want to emphasise on “zero tolerance corruption in business” in our organization in response to the government’s call to free Malaysian companies from elements of corruption and fraud,” he said.
Harris believed that integrity would greatly help companies to stay a float.
Sabah Minister of Resource Development and Information Technology Datuk Siringan Gubat, who witnessed the signing, said the move taken by the ASB was a good exemple to other GLCs and hoped for more companies to follow suit.
Two Sabah GLCs had so far signed the pledge, with Sabah Energy Corporation (SEC) being the first investment arm of the ministry that took the initiative.
Siringan said the signing of the pledge also helped to boost the image of Labuan as an international oil and gas hub and international financial centre, thus boosting the confidence level of major foreign players to investment in the island.