Thursday, January 6, 2011

Telekom Malaysia: Internal probe ready in one month

KUALA LUMPUR: TELEKOM MALAYSIA BHD [] expects the internal investigation into alleged payments received by its staff to be completed within one month.

TM said on Thursday, Jan 6 this timeframe was based on the board sub-committee (BSC) of the board audit committee's inaugural meeting on Jan 3.

'Whilst the BSC endeavours to expedite the internal investigation to fulfil the requirements of transparency and public interest, full passage of time should be allowed in order to complete a proper investigation,' it said in response to a query from Bursa Malaysia Securities.

On Jan 3, TM and Axiata Group Bhd said they had jointly decided to appoint KPMG Corporate Services Sdn Bhd as forensic accountants to assist in an internal probe over alleged payments received by TM staff. Shearn Delamore & Co. was appointed the legal adviser.

TM had said the BSC would conduct an independent and comprehensive internal investigation into the alleged improper payments to TM employees.

The panel was set up following its Dec 29 announcement over the settlement case of Alcatel Lucent with the US Securities and Exchange Commission (SEC) and the Department of Justice (DoJ) that payments had been made to some TM employees.

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