Malaysia’s state oil firm, Petronas, has been cleared of any wrongdoing in an anti-corruption probe involving a $90 million project. The investigation conducted by Malaysia’s Anti-Corruption Commission (MACC) focused on allegations of corruption related to Petronas and an international oil and gas company in a project worth 399 million ringgit. While the MACC highlighted certain weaknesses in Petronas’ practices and procedures, it did not find any evidence of misconduct by the company.
No Wrongdoing Found, Full Cooperation Extended
Petronas confirmed that it had fully cooperated with the MACC throughout the investigation and that no evidence of wrongdoing was discovered by the authorities. In a statement to Reuters, the company emphasized that neither Petronas, its employees, nor its directors were implicated in any corrupt activities.
Identification of Weaknesses and Proposed Improvements
During the probe, the MACC identified several weaknesses in Petronas’ practices, systems, and work procedures. As part of the investigation’s findings, the MACC proposed improvements to Petronas’ standard operating procedures to prevent similar issues in the future. The aim is to enhance transparency and integrity within the company’s operations.
Commitment to Fighting Corruption
Petronas reiterated its commitment to combating corruption and misconduct in all its forms. The company emphasized that it would continue to strengthen and improve its standard operating procedures as part of its ongoing efforts to prevent and combat corruption effectively. By implementing these measures, Petronas aims to uphold the highest ethical standards and maintain the trust of its stakeholders.
Ensuring Transparency and Integrity
As a prominent player in the oil and gas industry, Petronas recognizes the importance of transparency and integrity. The company is dedicated to maintaining a strong governance framework and implementing robust anti-corruption measures. By doing so, Petronas seeks to uphold its reputation as a responsible and accountable organization.