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TM & Axiata to investigate bribery claims

Telekom Malaysia Bhd (TM) and Axiata Group Bhd have jointly appointed KPMG Corporate Services Sdn Bhd as forensic accountants to help in an internal probe into bribes allegedly paid to their employees by Alcatel Lucent SA (ALU), The Malaysian Indsider reports.

Both companies also jointly announced the appointment of Shearn Delamore & Co as legal adviser to assist the investigation.

TM, in a filing to Bursa Malaysia late yesterday, also named board member and chairman of the board risk committee Tunku Mahmood Fawzy Tunku Muhiyiddin as chairman of the board audit committee (BAC) into the affair.

The other two members of the sub-committee are senior management members who were not involved in the procurement process during the period in question. Axiata named David Lau Nai Pek as its BAC chairman in a separate filing, also issued late last night.

Complete story- External auditors to help Telekom-Alcatel bribes probe– The Malaysian Insider

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Kugan is the founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy