Sunway Construction Group Employee Under Investigation by MACC Over Subcontractor Engagements

Sunway Construction Group (SunCon) announced that an employee is under investigation by the Malaysian Anti-Corruption Commission (MACC) for engagements with subcontractors. The company clarified that the inquiry does not concern the way it secures contracts from clients and has no financial or operational impact. SunCon reaffirmed its commitment to highest standards of integrity and transparency, with a zero-tolerance policy towards bribery and corruption. Shares in the construction firm fell as much as 17.56% before retracing losses.

Sunway Construction Group (SunCon) announced today that an employee is under investigation by the Malaysian Anti-Corruption Commission (MACC) for alleged engagements with subcontractors. The company clarified that the inquiry does not concern the way it secures contracts from clients and has no financial or operational impact. SunCon reaffirmed its commitment to the highest standards of integrity and transparency, with a zero-tolerance policy towards bribery and corruption. Shares in the construction firm fell as much as 17.56% before retracing losses.

The company stated that the investigation is a part of its ongoing efforts to maintain ethical standards within the organization. SunCon emphasized that the inquiry is focused on the conduct of a single employee and not the broader operations of the company. The firm has assured investors and stakeholders that the investigation will not disrupt its financial or operational activities.

The news comes amidst heightened scrutiny of corporate governance and ethical practices in the construction industry. SunCon's stock price volatility underscores the market's sensitivity to such issues. The company's swift response and clarification have helped to stabilize the market, but investors remain cautious.

SunCon's commitment to transparency and integrity is a positive sign for investors. The company's response to the MACC investigation demonstrates its dedication to maintaining high ethical standards, which is crucial for long-term growth and investor confidence.

References:
[1] https://latenighter.com/news/wga-accuses-paramount-of-bribery-in-colbert-case-calls-for-state-probe/