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Sunday, October 28, 2007

Malaysian Corporate Crime Has Doubled Since 2005, Survey Says

(Bloomberg, 24/10/2007): Malaysian corporate crime, including fraud and money laundering, more than doubled in the past two years, costing each company involved an average of $2.1 million, a survey by PricewaterhouseCoopers International Ltd. showed.

About 48 percent of the companies in the survey said they were victims of economic crime in the period, up from 23 percent in 2005, PricewaterhouseCoopers said in a statement today.

The average loss at each business jumped from $170,000.

The survey indicates companies are more willing to admit that crimes have been committed, PricewaterhouseCoopers said.

Malaysia's Securities Commission in July charged executives at air freight operator Transmile Group Bhd. after the company said it inflated sales and had to restate profits.

Companies need ``clear ethical guidelines'' and cultures that support ``whistle-blowing,'' Chong Shao Yen, director of the investigations unit at PricewaterhouseCoopers in Malaysia, said in the statement. ``Controls alone are not enough.''

PricewaterhouseCoopers surveyed by phone directors or those responsible for crime prevention at 101 companies in Malaysia between May and September this year.


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