Corporate Matters & Business IMPACT
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MALAYSIA: Corporate Liability is not Shelved – Adequate Procedures More Crucial Than Ever in the Face of COVID-19 Corruption and Fraud Risks
COVID-19 has forced businesses into survival mode, especially with restrictions on how businesses can operate during the Conditional Movement Control Order and, before this, the Movement Control Order (collectively, the "MCO") period. From shifting to new methods of transacting to partnering with new business associates, businesses have had to change the way they operate to stay in the black. Post-MCO, businesses will clamber to make up for lost time and revenue. It is tempting to assume compliance responsibilities can take a back seat during such trying times, but companies cannot fall victim to this fallacy
In light of Section 17A of the Malaysian Anti-Corruption Commission Act 2009 coming into effect on 1 June 2020, this Update highlights the risks of corruption exacerbated by COVID-19 which companies need to be aware of, and offers some suggestions of practical adequate procedures to implement.Malaysia | Corporate Matters & Business Impact | 01 June 2020
On 30 January 2019, the World Health Organisation declared the coronavirus disease 2019 ("COVID-19") a public health emergency of international concern. More than 90,000 people globally have been infected in a short span of two months, sending shockwaves through the global economy. Every business has been affected in some way or the other by COVID-19 and the measures taken by governments and authorities to contain its outbreak.
The first part of this guide provides a legal analysis on the potential impact of COVID-19 on seven crucial Malaysian economic sectors, namely, Building & Construction, Energy & Power, Events & Sports, Hospitality & Tourism, Oil & Gas, Real Estate & Retail, and Shipping & Trade. In the second section of this guide, we examine the general legal implications on contracts, employment, personal data protection, financing, mergers & acquisitions, and social media.Malaysia | Corporate Matters & Business Impact | 05 March 2020
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