KUALA LUMPUR, Nov 19 ― Minister in the Prime Minister's Department Datuk Paul Low Seng Kuan said the government has come up with some initiatives that may be of great interest to the business community.

“Some of the initiatives are strengthening the law enforcement agencies and forming sectorial anti-corruption coalitions with all stakeholders including the private sector.

“We are already in the implementation stage and the public will soon see these changes, many of which are quite substantial in nature coming into place in the months to come, ” he said in a keynote address today at the Malaysian Institute of Certified Public Accountants―Bursa Malaysia Business Forum 2013 here today.

Low said when the appropriate time comes, the government will seek the cooperation of business and professional groups to be actively involved in bringing the crucial transformation initiatives.

Low also said the business world is not short of examples of corporate failures and scandals such as Lehman Bros, who was related to the collapse of sub-prime mortgages; Bernard Madoff, the master of the Ponzi investment scheme; and Ramalinga Raju for massive falsification of accounts.

“These companies' failures arising from their unethical and fraudulent transactions left us with underlying mistrust of corporate accounting systemsand the effectiveness of board and management in their ability to exercise good stewardship and governance,” he added.

Low also commended Bursa Malaysia for its strong advocacy in promoting sustainable corporate development, including a more holistic compliance to standards and practices relating to corporate social responsibility, environment and green issues, human rights and corruption.― Bernama