The intent of this column is to invite TEAM MTCC to take part in the fight against corruption, whether petty thievery, grand larceny or misuse of company resources that are taking place at all levels of management here at MTCC. Please expose the lack of moral soundness shown by the middle & senior management of MTCC. All contributions to this column should comply with the code of ethics of this blog.
Corruption is essentially termed as an “impairment of integrity, virtue or moral principle; depravity, decay, and/or an inducement to wrong by improper or unlawful means, a departure from the original or from what is pure or correct, and/or an agency or influence that corrupts. Corruption, when applied as a technical term, is a general concept describing any organized, interdependent system in which part of the system is either not performing duties it was originally intended to, or performing them in an improper way, to the detriment of the system’s original purpose.
Corruption is now recognized to be one of the world’s greatest challenges. The rapid development of rules of corporate governance around the world is also prompting companies to focus on anti-corruption measures as part of their mechanisms to protect their reputations and the interests of their shareholders. Their internal controls are increasingly being extended to a range of ethics and integrity issues and a growing number of managers are looking to these controls as evidence that the companies undertake good business practice and are well managed.
MTCC being a PLC should be working towards maximizing the shareholders wealth rather than making investments on which a loss is inevitable while making management decision that are detrimental to the company as a whole. To work towards maximizing the shareholders wealth MTCC should have proper internal controls that should be reviewed at proper intervals according to the way we work and the developments in the working environment. It should be the duty of the internal Audit department to monitor these controls and devise new controls to combat misuse of company resources and corruption.
At present I feel that the internal controls that are laid down by MTCC are insufficient and incompetent to combat corruption and misuse of company resources. Don’t you?