Magni-Tech Industries Berhad (“Magni”) and its subsidiaries (collectively referred to as the “Group”) are committed to conducting its business legal and ethically. This commitment is embodied in Magni’s Code of Ethics for Directors and Employees.
The Group will take reasonable and appropriate measures to ensure that its businesses do not participate in corrupt activities for its advantage or benefit.
In line with the Malaysian Anti-Corruption Commission Act 2009 (Amendment 2018) (“MACC Act”), the Group maintains a strict zero-tolerance policy towards bribery and corruption. This reflects the Group’s to maintain the highest ethical standards across all levels of the organisation, helping to prevent unethical practices and supporting the Group’s long-term sustainable success.
Based on the recommendation by Magni’s Audit and Risk Management Committee (“ARMC”), the Board has approved this Anti-Bribery and Anti-Corruption Policy.
2. Scope and Applicability
This Policy applies to the Board of Directors, employees and officers of the Group, regardless of their role or location. It also extends to third parties, including agents, consultants, joint venture partners, contractors, and others acting on behalf of the Group.
All individuals within the scope of this Policy must uphold the highest standard of integrity and accountability in discharging their duties and to ensure that all Group’s business activities are conducted in compliance with the applicable legal and regulatory requirements on anti-bribery and anti-corruption.
3. Prohibited Practices
The Group strictly prohibits the offering, giving, solicitation or receiving any form of bribe, whether directly or indirectly. This includes, cash and cash equivalents, gifts, entertainment, hospitality that may influence decision-making or create a conflict of interest, kickbacks or commissions tied to securing business or favourable treatment, political or charitable donations made with the intent to gain a business advantage and non-business travel to/from external party in the course of their duties as it may put them in an obligated or compromised position which could affect business judgement.
In addition to bribery, the Group also prohibits all other forms of corruption, including:
- Facilitation payments – Small, unofficial payments made to expedite routine government actions (e.g., customs clearance, permit issuance). These are considered bribes and are not allowed.
- Fraud – Any act of deception intended to result in personal or business gain, such as falsifying documents or misrepresenting financial information.
- Embezzlement – The misuse or misappropriation of funds or property entrusted to an employee or business partner.
- Conflict of interest – Situations where personal interests interfere, or appear to interfere, with the Group’s interests.
- Nepotism and cronyism – Favouring family members or close associates in hiring, contracting, or other business dealings without transparency or merit.
Employees should avoid situations that could appear unethical or create an obligation that may influence their business decisions.
4. Consequences of Non-Compliance
The Group shall impose appropriate actions against any violation this Policy in accordance with the applicable laws. Any breach of this Policy may result in disciplinary action, including termination of employment, termination of contract, and/or legal proceedings. The Group will not hesitate to report violations to the appropriate enforcement authorities and cooperate fully in any resulting investigations.
5. Reporting and Whistleblowing
The Group has put in place the Whistleblowing Policy and Procedure to provide an avenue which serves as a confidential platform for all employees and third parties to disclose any acts of bribery and/or corruption in a confidential manner that protects the whistleblower from any risk or reprisals.
Reports can be made anonymously and will be treated with the utmost confidentiality. The Group is committed to protecting whistleblowers from any form of harassment, reprisal or adverse employment consequences.
6. Review and Approval
This Policy shall be reviewed by ARMC on a periodic basis determined by ARMC or as and when necessary. Any revision or amendments to this Policy shall be approved by the Board.