2 theSun
news without borders
IN
TOMORROW!
We do have to respond
because we are not
immune to what is happening.
Our export market, for example,
like the US, is going into
recession. It will impact us
in the sense that we will not
be able to export as much to
America. And we also will be
affected by the fact that the
price of crude oil has gone
down. So, our export revenues
will also come down. There will
be difficulty also in the export of
palm oil because its price has
come down. So, of course we
are not immune. But generally,
we will still be able to maintain
our economic growth.”
– Domestic Trade and Consumer
Affairs Minister Datuk Shahrir
Abdul Samad on the global
financial turmoil
briefs
Ka Chuan leaves it to
party chief to decide
KANGAR: Former MCA secretary-
general Datuk Seri Ong Ka Chuan is
leaving it to party president Datuk Seri
Ong Tee Keat to determine his political
future.
The housing and local govern-
ment minister said he would accept
whatever decision made by the party,
including that on his cabinet post.
Ka Chuan, who lost to former
health minister Datuk Seri Chua Soi
Lek in the contest for the MCA deputy
presidency in the party elections on
Oct 18, was speaking to Bernama after
visiting the crematorium site in Jejawi,
| WEDNESDAY OCTOBER 29 2008
Prices of 1,200 items RM3 billion
lost to fraud
cut by up to 30%
by Charles Ramendran
newsdesk@thesundaily.com
KUALA LUMPUR: Police yesterday
said an estimated RM3 billion was
lost in white collar crimes from 2006
to this month, a loss that reflects the
by Tim Leonard for agreeing to slash prices. size of the problem for businesses
newsdesk@thesundaily.com Since the big increase in fuel prices in regardless of size.
June, the ballooning prices of consumer goods Deputy Inspector-General of Police
PETALING JAYA: All hypermarket chains have caused serious concerns. The consumer Tan Sri Ismail Omar said Commercial
have agreed to gradually reduce the prices price index rose to a 27-year high of 7.7% that Crimes Investigations Department
of goods on their shelves, a move the month, but has since dropped. (CCID) records showed the losses
government is banking on to bring down the Shahrir said the stabilising global oil prices were sustained from cyber fraud,
inflationary temperatures. had also contributed to the reduction as well money laundering, criminal breach of
First off the block is Giant Hypermarket, as the willingness of manufacturers of raw trust, counterfeiting and other forms
which yesterday announced the slashing materials to make use of this opportunity of cheating.
of prices of 1,200 mainly food items and to reduce their prices. “The continuous He said according to a survey by an
groceries by up to 30%. reduction in prices of goods very much established accounting and auditing
Domestic Trade and Consumer Affairs depends on the distribution cost as well as the Persistence
firm, about 48% of companies in Ma-
Minister Datuk Shahrir Abdul Samad, who manufacturing cost.” sees Kho laysia have experienced white collar
launched the price reduction campaign He said the main concern is the price
yesterday at Giant’s Bandar Kinrara outlet, reduction of food items as this will ease the through crimes in the past two years.
The same study showed fraud to
said: “There might be some pessimists among burden of households significantly; whilst pg 20 be the most problematic issue for
us who will doubt this (price cuts) … but it’s reduction of prices in other essentials will
businesses regardless of size, location
for real ... price reduction has begun.” follow in time to come. and industry.
He said other hypermart chains will follow He added that another hypermarket chain
Speaking at the launch of the Na-
suit in the coming days. will announce price drops later this week, and
tional Seminar on Forensics Account-
Speaking to reporters later, Shahrir said: the others in coming weeks.
ing and Financial Criminology at the
“After meeting with hypermarkets and Giant Hypermarket is also reducing
Securities Commission in Bukit Kiara,
retailers throughout the country, I am pleased the prices of some groceries and general
Ismail said corporate fraud increases
to announce that all have agreed to gradually merchandise and promised to reduce prices
the cost of doing business, puts a dent
reduce the prices of goods on their shelves. of many more items in coming months.
on consumer confidence and affects
“Consumers can now expect lower prices Its chief executive officer Tom Herriott
the profits of shareholders.
and it is something they can look forward urged suppliers to join in the price
to after months of worry and anxiety over reduction initiative, so that prices of He said in the long run, this can
rising prices of food and other items. But this more items can be reduced and the damage the soundness of the financial
reduction doesn’t mean we shouldn’t start savings passed on to customers. system and the economy.
saving, as prudence is still an important factor He said his chain checks the prices of He said to safeguard legitimate
which consumers must always practise.” 10,000 items every week to ensure as low a businesses and consumers from
fraud, financial institutions must
Shahrir lauded the hypermarket operators price as possible for its customers.
develop a framework on its risks, con-
duct regular audits, issue regulatory
near here, yesterday. people are anxious to see what state EC offices, computerised post of- guidelines and develop monitoring
He said the site was suitable be- plans and programmes a candidate fices, government complexes, district mechanisms.
cause it would not cause pollution in has to offer, his ability and strength and land offices, district and municipal He said there should also be a
the areas and was located within the
grounds of a Buddhist temple.
in facing opposition,” he told
reporters after visiting the Kapit
councils, public halls, Rukun Tetangga
bases and Penghulu’s offices.
suitable channel for informers or
whistleblowers to come forward and
Construction on the RM400,000 District Council’s jungle produce Those with queries can contact the corporations should share informa-
crematorium, the first to be built in market here yesterday. EC’s at 03-88856500 or via facsimilie tion of fradulent activities among
Perlis, would start early next year. He said besides allowing people at 03-88889117 or visit the EC’s web- themselves.
– Bernama to differentiate between the can- site at www.spr.gov.my. – Bernama Ismail said forensics accounting
didates an open debate would go will eventually become the most pow-
erful investigative tool in combating
Shabery all for open towards reducing money politics. Two Umno leaders economic crimes.
– Bernama
debate reappointed senators He said the CCID had formed its
KAPIT: Information Minister Datuk KUALA LUMPUR: Two Umno leaders Forensic Accounting Division three
Ahmad Shabery Cheek is all for
Third quarter electoral have been reappointed senators years ago and it is headed by an
having open debates to elect party roll on display for another term. assistant commissioner of police with
leaders, as suggested by several PUTRAJAYA: The supplementary Datin Paduka Nor Hayati Onn, a team of officers who have a strong
Umno leaders. electoral roll for the third quarter of an executive council member of background in the legal, financial and
He said the approach would 2008 will go on display from today un- the Wanita movement, and Kepong accounting fields.
enable the people to evaluate a til Nov 3 at 985 premises throughout division chief Datuk Rizuan Abd Ha- He said the police will work hand in
candidate’s personality, level of the country. mid took their oath of office before hand with several other law enforce-
intelligence, strength and most Election Commisssion (EC) public Dewan Negara President Tan Sri Dr ment agencies such as Bank Negara
importantly, credibility. relations officer Sabri Said said the Abdul Hamid Pawanteh yesterday. and the Anti Corruption Agency to
“It may not be in totality but premises the roll will be displayed are – Bernama contain economic crimes.