PTT corporates with NACC, promptly proceed legal action if offenders found

Energy Press Releases Thursday January 26, 2017 12:01
Bangkok--26 Jan--PTT

Tevin Vongvanich, President and Chief Executive Officer, PTT Public Company Limited, has revealed the progress in the case of Rolls-Royce that the investigation committee was gathering information and names mentioned in the procurement process relating to the documents disclosed by the U.S. Department of Justice. PTT is open for additional information from external sources and ready to cooperate with Thailand's National Anti-Corruption Commission (NACC) in order to examine the case with accuracy and honest. Most importantly, offenders will not be protected if found guilty.

PTT upholds the principles of Good Corporate Governance (CG) by conducting 3 factors. People: PTT has built awareness among employees of Ethical Standards, Organizational Culture, Code of Business Ethics Handbook (CG Handbook). Process: PTT has continuously developed the procurement process to prevent from improperly actions. PTT has signed Integrity Pack agreements with business partners for fraud prevention in procurement process. Investigation: PTT has gathered internal information and prepared to be probed with external organization when suspicion found. PTT will not protect the offenders, if the corruption has found and related legal actions will be proceeded accordingly.

"This critical matter will be an opportunity for PTT to reconsider and improve the procurement process, and also to find out a gap which might promote any illegal actions. Meanwhile, it is an opportunity to motivate employees with the honesty as PTT is the nation's organization. Employees shall do their duties and responsibilities with transparency," Tevinrestated.

Latest Press Release

Photo Release: PTT Group joined Petroleum Refining Industry Club of F.T.I. Forecast 2019 Oil Price

Mr. Chansin Treenuchagron, President and Chief Executive Officer of PTT Public Company Limited (center), presided over the opening ceremony of 2018 The Annual Petroleum Outlook Forum: "Future Energy Moving Together". The Petrochemicals and Refining...

GW Electric Installs first Premolded Dry Type Outdoor Terminations in Asia-Pacific Region and United States

G&W Electric recently installed the first 138kV Python(R) single-piece, premolded dry type outdoor terminations in Malaysia, Philippines and Ansonia, CT. To meet the growing demand for regional grid efficiency and modernization, the 138kV Python...

PTT Group and Petroleum Refining Industry Club of F.T.I. Forecast Oil Price of 2019

Petrochemicals and Refining Integrated Synergy Management (PRISM) and Petroleum Refining Industry Club of Federation of Thai Industries forecasted that Dubai crude oil price in 2019 would be around 70 – 80 USD/bbl. Factors that should be closely...

WHAUP and ZF Lemforder Sign the agreement to Install Solar Rooftop

WHA Utilities & Power PLC received an agreement from ZF Lemforder (Thailand) Co., Ltd. to install Solar Rooftop on ZF's factory at Eastern Seaboard Industrial Estate (Rayong) with a capacity of 0.8 MW. Mr. Thinus Steyn (middle right), Head of Region...

Seraphim Solar Secures 80 MW Supply Agreement in Vietnam

Jiangsu Seraphim Solar System Co., Ltd. ("Seraphim") recently signed new landmark supply agreements for two separate PV projects totaling 80MW in Vietnam. The Solar farms are a joint venture project of AMI Renewables of Vietnam and AC Energy of the...

Related Topics