The Independent Public Business Corporation (IPBC) has released a notice to all state owned enterprises (SOEs) to take immediate action against bribery and fraud to deter corruption.
The IPBC has provided examples of possible corrupt practices. Pursuant to Section 46I and 46J of the IPBC Act (2002), IPBC has set the policy and directive to all SOEs to adopt a zero tolerance policy on bribery and corruption and incorporate into all contracts that they enter into an anti-bribery and anti-corruption clause which will impose on the parties the duty to: - Refrain from bribery and corrupt practices; - Report such corrupt practices to IPBC and fraud squad to deal with; and - Terminate the contracts where the bribe is involved. The IPBC has also instructed all SOEs to develop corporate compliance programs and anti-bribery and anti- corruption strategies. The anti-bribery and anti-corruption policy was passed by the IPBC board in its general meeting of October 21. Managing director of the IPBC Wasantha Kumarasiri said IPBC signed the governance charter with all SOEs witnessed by Public Enterprises and State Investment Minister Ben Micah, and section 46I directive issued today is a further step to improve governance within SOEs and provide confidence to people and entities that transact with SOEs. He said SOEs provide vital services to the community and many of them are regulated services. Any cost inefficiency stemming from corrupt practices ultimately translates to the price charged to the customer. So, it is everyone’s responsibility to stop this burden on the public. "There is simply too much at stake here. IPBC and SOEs are managing the assets of the people of Papua New Guinea. The country also has major investment partners who are showing great faith in the development of basic infrastructure. We must not be unfaithful to our partners because they also deserve better," Mr Micah said
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