MACC Concludes Investigation into RM399 Million Project, No Wrongdoing Found, Petronas Confirms

Petronas, the state-owned oil and gas company, announced that the Malaysian Anti-Corruption Commission (MACC) had found no evidence of wrongdoing in its investigation into a RM399 million project. The investigation focused on a contract awarded to a Malaysian subsidiary of an international upstream company in 2021. Petronas emphasized that it had fully cooperated with the MACC throughout the investigation and stated that neither the company, its employees, nor its directors were implicated in any misconduct.

Identifying Procedural Issues and Proposed Improvements

While the MACC did not uncover any corruption or wrongdoing by Petronas, it did identify certain procedural issues related to the project. As a preventive measure, the anti-graft agency suggested improvements to the project’s standard operating procedures. This proactive approach aims to address any vulnerabilities and enhance the transparency and integrity of Petronas’ operations. The company acknowledges the importance of continually improving and strengthening its standard operating procedures to combat corruption and misconduct effectively.

Commitment to Fighting Corruption and Misconduct

Petronas reaffirmed its commitment to preventing and combating corruption in all its forms. The company acknowledges that corruption poses a significant threat to the integrity of organizations and the broader society. By actively implementing robust preventive measures and strengthening internal controls, Petronas aims to create an environment that upholds the highest ethical standards. The company recognizes the importance of maintaining public trust and confidence, and it remains steadfast in its efforts to enhance transparency and integrity across its operations.

Continuous Improvement and Stronger Controls

Petronas acknowledges the need for continuous improvement in its standard operating procedures to effectively prevent and address corruption and misconduct. The company is committed to implementing the recommendations put forth by the MACC and other relevant authorities to strengthen its controls and processes. By fostering a culture of accountability and ethical conduct, Petronas aims to build a resilient organization that prioritizes integrity at every level. Through ongoing training, awareness campaigns, and regular reviews of its practices, Petronas seeks to create a work environment where corruption has no place.