SCOPE OF THE POLICY
Faisal M. Higgi & Associates Co. Ltd. policy has a number of fundamental principles and values which it believes are the foundation of sound and fair business practice and as such are important to uphold. One such principle is a zero tolerance position in relation to corruption, wherever and in whatever form that may be encountered. This document is intended to build on our Ethics Policy and to clearly state the standards and principles required to ensure conformance to legal requirements within the countries in which FMH and its subsidiary companies operate.
It is FMH policy to comply with all laws, rules and regulations governing anti bribery and corruption law, in all Branches (Jeddah, Rabigh, Duba and Jizan) are in which operates. We believe it is a fundamental principle of good business practice to respect local laws and customs when operating internationally. However, as a Saudi Arabian government (KSA) company, FMH is also bound by the laws of the KSA, which governs our conduct both at home and abroad.
Under KSA law, bribery and corruption is punishable for individuals by up to seven years imprisonment, and if the company is found to have taken part in corruption it could face an unlimited fine, be excluded from tendering for Government contracts and face untold damage to its reputation. It can easily be seen why takes its legal obligations in this area very seriously. Under KSA law the payment, or offer to pay bribes, or provision of or offer to provide gifts or anything of value for improper purposes to obtain or retain business or any other benefit, (whether for or any other party) is prohibited. Such payments or gifts are also forbidden under the terms of this policy and may result in immediate dismissal for those involved in their payment or receipt is required to keep financial records and to have appropriate internal controls in place which will evidence the business reason for making payments to third parties.
This policy applies to individual employees, agents, sponsors, intermediaries, consultants or any other people or bodies associated with or any of its subsidiaries and employees. Bribery is committed when an inducement or reward is provided in order to gain any commercial, contractual, regulatory or personal advantage for FMH or another party. Further guidance as to what is regarded by FMH as unethical (which includes corrupt) payments can be found in the FMH Ethics Policy.
No bribes of any sort may be paid to or accepted from customers, suppliers, politicians, government advisors or representatives, private person or company. It is not permitted to establish accounts or internal budgets for the purpose of facilitating bribes or influencing transactions (slush funds).