Fraud, corruption cost PTC billions of kwacha
People’s Trading Centre (PTC), a subsidiary of listed conglomerate Press Corporation Limited (PCL), has partnered the Anti-Corruption Bureau (ACB) to fight corruption in its chain stores to improve service delivery and increase profit.
Speaking in an interview after signing a memorandum of understanding (MoU) with ACB on Friday in Blantyre, PTC chief executive officer Ken Mthunzi said the chain store is facing a number of challenges, key among them being increased fraud and corruption.
“Every day, we lose millions of kwacha which translates to billions of kwacha at the end of the year due to fraud and corruption.
“It is for this reason that we have thought of working with experts to manage and bring this problem to an end and instil a zero-tolerance to fraud and corruption culture in our company,” he said.
Mthunzi said it is increasingly difficult to grow as a business because fraud and corruption are connected to socio-economic well-being of the population and its effects are long-term.
He said PTC is hopeful that through the three-year MoU, levels of fraud and corruption would be minimised.
ACB deputy director general Reyneck Matemba applauded PTC for initiating the plan, saying it is only through partnerships that the battle against corruption and fraud can be won.
“PTC reaches out to a lot of people as compared to us [ACB] as we are only available in four districts. On top of that, this move is also in line with the National Corruption Strategy which encourages getting partners, collaborating and coordinating in the fight against corruption,” he said.
Matemba asked people in leadership positions at PTC to lead in fighting corruption and fraud, saying in any institution where leaders do not take the lead, issues of corruption and fraud will remain a tall order.
Through the MoU, a team from PTC and ACB will work together to come up with a workplan and ensure that people are sensitised to the evils of corruption and fraud, but also report fraud and corruption.
